Future Ocean State teachers will now have an easier time paying back loans for their own educations, thanks to a new program offered by the Rhode Island Student Loan Authority (RISLA). Effective for student loans obtained on or after July 1, 2000, RISLA has instituted the Teacher Reward Program – a four year, zero percent interest loan designed to cut down the cost of paying back college loans.
“Our board realizes the amount of student loans that new teachers take on can be staggering at times,” said Charles P. Kelley, RISLA’s executive director. “This is a way for them to see the light at the end of the tunnel and not be buried in debt.”
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
The initiative is aimed specifically at addressing the teacher shortages in the areas of math, science, Spanish, ESL, special education and health. Participants are required to be employed by a public or non-profit elementary or secondary school in the state.
Qualifying teachers will enjoy significant savings by paying only the principal loan balance.
“This program can reduce loan payments by about a third and save literally thousands of dollars,” said Kelly.
Rhode Island College (RIC), at $3,400 per year for tuition “is one of the best bargains around, but we still see students graduate with $10,000 in student loans,” Kelley said. “Beyond tuition, there are living expenses, books, transportation. Going to college.”
For a $10,000 Federal Stafford Loan (which 80 percent of students receive, according to Kelley), a new teacher would save $3,300 in interest – and at RIC that would just about equal a year’s tuition.
Kelley said this new program was in motion by some shocking statistics.
“Twenty percent of teachers in Rhode Island are eligible to retire today,” he said. “[RISLA’s] board of directors was very much aware of this coming crisis and challenged us to come up with something that would help attract new teachers into the profession.”
This means that one-fifth of Rhode Island’s teachers has 28 years – or more – experience in the classroom, and could decide to end their careers at any time.
“If you wait until that happens, it’s too late,” Kelley said.
“It says a lot about the dedication of these people that they could spend that much of their lives in the classroom,” said David DuBlois, director of the College Planning Center of Rhode Island, which works with guidance counselors, colleges and individuals to help students finance their higher education.
The increasing numbers of children, new schools, and the trend toward smaller class size are also factors in the state’s teacher shortage, according to DuBlois.
“The Mt. Hope school district had 34 openings this year,” said DuBlois.
Larry Verria, a history teacher at North Kingstown High School and recipient of this year’s Rhode Island Teacher of the Year award, was present when the incentive was announced in August. Verria always wanted to be a teacher.
“I knew at a very young age that this was what I wanted to do for the rest of my life,” he said. “[RISLA’s teacher reward program] will make it more financially feasible [for new teachers]. I had to put a lot of hours in, at other jobs, trying to make ends meet. Working full-time jobs while they’re in college – I don’t know that we’re doing anybody any favors.”
The best part of the job?
“When a student actually demonstrates that they got it. Then you know that it’s not for naught – there’s a purpose to it. That makes it worth doing again and again and again.”
Who is eligible?
Someone is eligible for the program if:
* They are employed full time and are certified by the State of Rhode Island
* Have a minimum of a Bachelor’s Degree
* Are directly employed by a public or a non-profit elementary or secondary school in RI
* Have a Stafford Loan through RISLA or one of RISLA’s participating lenders disbursed on or after July 1, 2000
Priority will be given to those who:
* Teach full time in the predicted shortage areas of mathSpanishESLsciencespecial education and health
* Minority applicants
* Teaching in an urban or high-needs school district
* The first 250 eligible applicants
