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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
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August 13th, 2008 at 9:33 am
Hi John,
Do you know if this will be applied retroactively to recent graduates? My bank account would thank you for any answer you could give
~Chris Gammell
August 18th, 2008 at 10:07 pm
That is my question as well, whether the loan forgiveness will be applied to recent graduates. Thank you.
October 29th, 2008 at 9:53 am
I have two grandsons (twins) that graduated in engineering, one in computer engineering and the other in aerospace/aeronautical engineering. My question is who qualifies for this loan forgiveness. They each have a fairly large college loan to repay. This would be a very big help to them. How do we find more info on this?
November 28th, 2008 at 8:55 pm
It looks like it’s not retroactive:
‘(1) IN GENERAL- Subject to paragraph (2), for each school, academic, or calendar year of full-time employment in an area of national need described in subsection (b) ***that a borrower completes on or after the date of enactment*** of the Higher Education Opportunity Act, the Secretary shall forgive not more than $2,000 of the student loan obligation of the borrower that is outstanding after the completion of each such school, academic, or calendar year of employment, respectively.’ (emphasis added)