Applications Open For RI's Student Loan Reimbursement Program

PROVIDENCE, RI — Recent Rhode Island college graduates are encouraged to apply for the Wavemaker Fellowship, a competitive program that offers student loan reimbursement for workers in science, technology, engineering and mathematics, as well as certain design fields.

"Student debt is one of the biggest burdens facing our college graduates," Gov. Dan McKee said. "The Wavemaker Fellowship is an innovative and important program that not only provides relief for our graduates and helps Rhode Island retain our skilled STEM and design talent, but it's also a great recruiting tool for our local companies."

Recent grads accepted into the program will be offered a refundable tax credit of up to $6,000 for year for up to four years, which can be used to cover student loan payments. Maximum annual awards are broken down by degree type: up to $6,000 annually for graduate degree holders, $4,000 for bachelor's degrees or $1,000 for associate's degrees.

Rhode Island Commere Secretary Stefan Pryor called the program "a proven differentiator in the fight for STEM and design talent."

"Companies consistently tell us that it's a top priority for them to attract a skilled workforce in the STEM and design fields," Pryor said. "This program gives our business community a competitive edge while also giving individuals needed relief from student debt. In addition, this program has helped develop a strong cohort of Wavemaker Fellows who have built strong and long-lasting connections to the Ocean State. We are pleased that the program is making applications available once again."

Along with the tax credits, the program also offers networking and educational opportunities. In the past offered programs included Homebuying 101 and personal finance classes, as well as volunteer opportunities.

The program also offers an "early action" option, which allows soon-to-be graduates the opportunity to apply if they have a pending job offer.

"We are excited to once again open the application period to welcome new Wavemakers," said Sen. Ryan Pearson, who sponsored the bill creating the program in 2015. "It is critical to Rhode Island's future to retain this talent and this program is a key part of our strategy."

This will be the sixth round of the fellowship program. The first five included 893 participants, who were awarded approximately $3,700 per year, for at least two years.

Applicants are considered based on a variety of criteria, with extra focus placed on "their pursuit of careers in key advanced industries and the impact of the award on the applicants' decisions to stay and work in Rhode Island."

More information, along with applications materials, can be found on the Commerce Department's website. Email wavemaker@commerceri.com or call 401-278-9100 with any questions.