Rhode Island Student Loan Forgiveness & Refi Guide (2026)
State-funded forgiveness programs, state tax treatment, and refi considerations for Rhode Island borrowers. Average debt per borrower in Rhode Island: $36,000.
The Rhode Island Wavemaker Fellowship is unusual — it's effectively a state-funded payment of student-loan obligations for STEM/design grads who stay and work in Rhode Island.
Rhode Island student loan snapshot
| Average debt per borrower | $36,000 |
|---|---|
| Taxes federal forgiveness as income? | No |
| State student-loan interest deduction beyond federal? | No (federal $2,500 above-the-line deduction still applies) |
| In-state refi note | Navigant Credit Union and Coastal1 Credit Union are notable RI-based options; for refi, the lowest rates typically come from national student-loan specialists. |
Figures are 2025/2026 approximations. Tax treatment in particular evolves year to year — confirm exact rules with your tax preparer or the state Department of Revenue before relying on them.
Rhode Island forgiveness & repayment-assistance programs
Rhode Island conforms to federal tax treatment excluding federally forgiven student debt from state income tax. State programs include the Wavemaker Fellowship — a notable refundable tax credit for STEM/design grads working in Rhode Island.
- Rhode Island Wavemaker Fellowship — refundable tax credit covering student-loan payments for STEM/design grads working in Rhode Island.
- Rhode Island Health Professional Loan Repayment Program — for primary-care, dental, and behavioral-health providers in RI HPSAs.
- Varies — check the Rhode Island Office of the Postsecondary Commissioner for current teacher-targeted programs.
Note: state-funded program funding levels and eligibility windows change annually. Always confirm current funding and application periods on the state agency's website before counting on any program.
Run the numbers on a typical Rhode Island debt load
We've pre-filled the balance below with Rhode Island's average per-borrower debt of $36,000. Tweak the rate and payment to match your real situation.
Loan details
Principal vs interest
- Principal$36,000
- Interest$13,497
Rhode Island student loan FAQ
What student loan forgiveness programs exist in Rhode Island?
Rhode Island conforms to federal tax treatment excluding federally forgiven student debt from state income tax. State programs include the Wavemaker Fellowship — a notable refundable tax credit for STEM/design grads working in Rhode Island.
How much is the average student debt in Rhode Island?
The average student loan debt per borrower in Rhode Island is approximately $36,000. National averages run around $37,000 per borrower in 2026, so Rhode Island sits near the national average.
Does Rhode Island tax federal student loan forgiveness as income?
Rhode Island does not tax federally forgiven student debt as state income. (For federally taxable years, the federal government may still tax the forgiven amount unless Congress extends the American Rescue Plan exclusion past 2025.)
Can I deduct student loan interest on my Rhode Island state taxes?
Rhode Island doesn't currently offer a state-specific student loan interest deduction beyond the federal $2,500 above-the-line deduction. Confirm the latest with the state Department of Revenue before filing.
Should I refinance my federal student loans in Rhode Island?
Refinancing federal loans into a private loan is permanent — you forfeit PSLF, IDR (PAYE/SAVE/IBR/ICR), and federal forbearance protections. Only refi if you're confident you won't need any of these. Use our refinance calculator to model the savings, and the lender comparison below to see real rates.
Are there Rhode Island-specific refi lenders?
Navigant Credit Union and Coastal1 Credit Union are notable RI-based options; for refi, the lowest rates typically come from national student-loan specialists.
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