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Did you know there is a student loan forgiveness program for engineers? It’s true!
You may not have to wait as long if your are an engineer. You have a few additional options that other students don’t have.
As an incentive, companies, foundations and states are offering debt forgiveness to engineering students.
This means engineering graduates have access to different debt forgiveness options and programs that other students don’t have available to them. In this article, we’ll explore what those options are.
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Student Loan Forgiveness for Engineers
STEM (Sciences, Technology, Engineering and Mathematics) students have a wide range of educational resources available to them. debt forgivenessProgrammes are offered by foundations, governments and companies.
Alfond Leaders Program in Maine
Start with the foundations Harold Alfond FoundationThe program, called STEM Maine, targets students in Maine. The program, named “Alfond Leaders,”Launched in February 2017. They have already Paying off $685,000In debt for 20 Maine Students
Alfond Leaders’ goal is to keep more STEM students in STEM. Maine. The foundation will pay up to $60,000.00 in student loans for each recipient if they work with companies that hire STEM workers.
SEMA Loan Forgiveness
Although not directly related to engineering SEMA (Specialty Equipment Market Association).Offers awards up to $5,000. This program offers a loan forgiveness program for graduates who meet the following requirements:
- Employee of a SEMA member company
- Possess a certificate or degree from a career tech school, college, or university in the United States.
- Graduation with a minimum GPA of 2.5
- Show your passion and love for the automotive industry.
Due to the wide range and diversity of degree qualifications, and the fact some engineers will work in the automative industry this can be an excellent way to receive additional debt forgiveness.
Higher Education Opportunity Act of 2008.
The Higher Education Opportunity Act of 2008 is another loan forgiveness program for engineers. This program offers a maximum debt forgiveness of $10,000. It allows a debt forgiveness of $2,000 per annum.
From the acec.org website, “Under the law, an individual will be eligible for up to $2,000 in student loan forgiveness for each of five years of work in engineering or other designated fields.
The maximum amount of loan forgiveness available to an individual will be $10,000. Only years of work completed after August 14, 2008, will count toward the student loan forgiveness requirements.”
Public Service Loan Repayment
You could be eligible for a grant if you are an engineer in the public service. You may qualify for Public Service Loan forgiveness. This program offers complete loan forgiveness following 120 qualifying payments over 10 years.
What type of employment is considered? Public service is a broad term. You can work in the federal, state, or local government. Non-profits qualify too.
Many public organizations employ engineers, so take a look!
Employer-Based Student loan Repayment Assistance
While there are foundations and state-based debt forgiveness programs, don’t rule out employers who will pay all or a portion of your Student Loans.
These employers don’t work with foundation or state debt forgiveness programs. They are essentially putting together their own program, which can make it more easy to qualify for.
You will be required to meet certain requirements by your employer before you can receive debt forgiveness. The most common requirement is that an employee must work for a set number of years to pay off their loans.
A second approach is to pay a certain amount each year, starting as early as the first year. Both incentives are designed to keep employees with the company for longer.
In some cases, an employer may offer a lump-sum payment immediately or after the initial year. This can be used to pay back student loan debt. If the employee leaves the company before a specified number of years has passed, they will have to pay back a percentage.
Check this out List of companies offering student loan repayment assistance.
Federal Student Loan Forgiveness Programs
There are still other options if you don’t qualify.
First, let’s look at Student loan forgiveness programs are “secret”.These plans are attached to income driven repayment plans. These programs not only lower your monthly payment but also offer loan forgiveness at the end of the loan term. This includes repayments under new SAVE student loan repayment plan.
Second, if your job is in the public sector (such as a government position), you may be eligible for Public Service Loan Forgiveness. This program allows forgiveness of student loans after 120 payments (or ten years). Although it may seem like a lot of time, if your start at age 22, you could be debt-free by the age of 32!
Plan Your Degree in Advance
Some debt forgiveness programs may require specific degrees or even schools and employers as eligibility requirements.
While you might not know where you’ll be after graduation, planning ahead can give you a higher chance of success in being awarded money for debt forgiveness. Here’s a few tips on how to do it.
Start by researching engineering debt forgiveness programs in states you may want to move to.
Don’t focus just on “engineering” programs. Many STEM-oriented programs include engineering. It’s important to search for both types of programs.
Include your school in your search. The schools that you target may be a great resource for you to find debt forgiveness programs. Be aware that they may be biased in favor of programs within their own state.
Once you’ve identified a large number of programs, search which companies in your target states participate. Companies are often associated with debt forgiveness programs. It’s important that program and company are linked.
You might also find a great deal on a great product. Debt forgiveness program that you are eligible for only to find out that your employer isn’t participating.
Engineers have several options for student loan forgiveness. While it’s unlikely any one program will pay off all of your student loan debt, the programs mentioned in this article can certainly help in paying down your debt burden.
Keep in mind that you’ll want to make sure your degree and employer all align for any program that you are choosing.
Although, it isn’t uncommon for employees to have their own student loan forgiveness program. Just be aware of any restrictions.
Are you interested in student loan forgiveness?
Original content by thecollegeinvestor.com – “Student Loan Forgiveness For Engineers”
Read the complete article at https://thecollegeinvestor.com/21311/student-loan-forgiveness-engineering-majors/