Loan Forgiveness Program for Engineering Students
Posted on August 9, 2008 Comments (15)
Update (2011): sadly politicians decided though they can give billions in welfare to investment banks and billions in tax breaks to those giving politicians lots of cash they didn’t want to help out engineering students. I actually wouldn’t have a big problem with this decision (to not fund this program) if it was symptomatic of frugal actions by those we entrust with leading our government. Given how frivolously they reward those that give them lots of cash for their campaigns (or pay as soon as they and their staff take jobs with organizations they gave huge benefits to) I think not funding this very small cost is foolish. This is the type of program I think smart countries will adopt (the types of policies the SUA adopted in the 1960’s and lately countries like Singapore, Korea, China have been adopting to encourage science and engineering leadership for the next generation).
Engineering students would receive up to $10,000 in student loan forgiveness under legislation just passed by Congress that the president is expected to sign. The Higher Education Reauthorization and College Opportunity Act of 2008 creates a new program to provide financial incentives for professions in areas of national need including engineering.
Engineering students would qualify for up to $10,000 in credit against their outstanding student loan obligation following graduation and entry into the engineering, technology, applied sciences, or mathematics (and other areas too) workforce. The program authorizes up to $2,000 per year of schooling.
The legislation also includes the Robert C. Byrd American Competitiveness program (an adjustment to the existing program):
Related: Science and Engineering Scholarships and Fellowships – Congress Clears Loan Forgiveness Program To Address Engineer Shortage – Scientists and Engineers in Congress – NSF Undergraduate Scholarships in Science, Technology, Engineering, and Math