Rhode Island nursing students who stay in the Ocean State after graduation will be eligible for up to four years of zero-interest student loans, The Associated Press reports.
The program is intended to address a looming shortage of nurses. Gov. Lincoln Chafee announced the incentive Tuesday at a Providence hospital.
To qualify, nursing students must agree to work at a hospital or health care facility in Rhode Island. In exchange, the students would pay no interest on the loans for up to four years. The loans will be offered by the Rhode Island Student Loan Authority.
A 2009 study estimated that the state will need 6,500 additional nurses by the year 2020 to keep up with aging baby boomers.
A student with a $15,000 loan could save $2,600 under the program.
