Internships are generally unpaid. But they will pay off handsomely under a new program announced Tuesday by the Rhode Island Student Loan Authority. Starting May 1st the Authority, known as RISLA, will forgive $2,000 of a student’s loan if he or she completes an internship worth three credit hours. It will be forgiven upon graduation.
RISLA director Charles Kelley says the idea is to stem the brain drain, the practice of promising young college students leaving the state for lack of work.
“Our intent is to use the loan forgiveness for internship to encourage students to participate in internships which we show can increase their chances of gaining a good career position once they graduate,” says Kelley. “And also of course it helps reduce their student loan burden which seems to grow every year.”
Kelley says the loan forgiveness program will cost about $500,000 a year.
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