I was scouring the internet for some piece of good student-loan-related news to balance out all the gloom and doom that’s been dominating the airwaves and 24-hour news cycles. I came across this, and it’s definitely worth sharing.
Republican-turned-Independent Lincoln Chafee, Governor of Rhode Island, has introduced a zero-interest student loan program for nursing students who agree to work in the state after they graduate. The state expects to require 6,500 nurses by 2020, and the program is being used as an incentive to keep nurses working in Rhode Island after they graduate.
My sense is that this is an example of how student loan programs really can be used to further people’s education in a positive, productive, and fair way, and get them employed in stable, well-paying careers after they graduate. Students get to finance their program up-front with little-to-no borrowing costs and nearly-guaranteed employment, while the state gets to keep young talent within its borders. Sounds like a great deal to me. The program is being offered by the Rhode Island Student Loan Authority. Read more here, and also check out their loan forgiveness program for primary care providers.