Student Loans in Rhode Island

Average debt, state-specific forgiveness programs, and repayment strategies for Rhode Island borrowers in 2026.

Average Debt

$36,200

Monthly Payment (Std)

$412

State Tax Deduction

Yes

vs. National Avg

+$4,200

Student Loan Overview for Rhode Island

Rhode Island borrowers carry an average student loan debt of $36,200, which is above the national average of approximately $32,000. Under the Standard 10-year repayment plan at the current federal interest rate of 6.53%, Rhode Island graduates would pay $412 per month and a total of $13,240 in interest over the life of the loan.

For borrowers seeking lower monthly payments, income-driven repayment plans like SAVE (formerly REPAYE) cap payments at 5-10% of discretionary income. Rhode Island residents working in public service should explore PSLF for potential forgiveness after 10 years of qualifying payments.

Rhode Island Student Loan Forgiveness Programs

Rhode Island offers the Health Professionals Loan Repayment Program and the Wavemaker Fellowship providing tax credits for student loan payments.

In addition to state programs, Rhode Island borrowers have access to all federal forgiveness programs including PSLF, Teacher Loan Forgiveness ($17,500 for STEM and special education teachers), and income-driven repayment forgiveness after 20-25 years.

State Tax Deduction for Student Loan Interest

Rhode Island conforms to the federal student loan interest deduction. Borrowers can deduct up to $2,500 in student loan interest paid during the tax year on both their federal and Rhode Island state income tax returns. This deduction phases out for single filers earning $75,000-$90,000.

Top Rhode Island Colleges & Average Debt

Institution	Avg. Graduate Debt
Brown University	$22,000
University of Rhode Island	$32,000

* Debt figures are approximate averages for graduating students who borrowed.

Frequently Asked Questions

What is the average student loan debt in Rhode Island?

The average student loan borrower in Rhode Island graduates with approximately $36,200 in student loan debt. This is above the national average of $32,000.

Does Rhode Island offer student loan forgiveness?

Rhode Island offers the Health Professionals Loan Repayment Program and the Wavemaker Fellowship providing tax credits for student loan payments.

Can I deduct student loan interest on Rhode Island state taxes?

Yes, Rhode Island conforms to the federal student loan interest deduction. You can deduct up to $2,500 in student loan interest paid on your Rhode Island state income tax return, subject to income limits.

What are the best colleges in Rhode Island for low student debt?

Among Rhode Island institutions, Brown University has an average graduate debt of $22,000. In-state tuition at public universities is significantly lower than out-of-state rates.

What repayment plan should I use for student loans in Rhode Island?

Your best plan depends on your income and career. Rhode Island residents earning under $50,000 should consider the SAVE plan for the lowest payments. Those in public service should pursue PSLF. Higher earners may benefit from the Standard plan or refinancing.

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