PROVIDENCE – Gov. Daniel J. McKee announced on Wednesday that applications are open once again for the Wavemaker Fellowship program, a student loan reimbursement program for graduates in certain fields that aims to encourage professionals to pursue careers in-state.
The program offers professional graduates working in STEM (Science, Technology, Engineering, and Mathematics), design and other key sectors a refundable tax credit that can cover student loan payments for up to four years. In the fiscal 2023 budget, McKee expanded the program to include health care workers and mental health care workers.
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“Student debt and the overall cost of education remains a significant burden for our recent college graduates,” McKee said. “The Wavemaker Fellowship is an innovative program designed to provide financial relief to college graduates, helping Rhode Island retain skilled STEM and design talent, and also serve as a great recruiting tool for our local companies.”
The program is meant to retain talent by incentivizing Rhode Island graduates to accept jobs in state. Yet there has been controversy whether the program has led to concrete results so far.
This is the seventh round of the fellowship, which first launched in 2016. So far, it has awarded 1,053 workers student loan repayment for at least two years, with an average award of $3,900 per year.
“The Wavemaker Fellowship program helps remove the burden of student debt from recent graduates,” said Lt. Gov. Sabina Matos. “This program will help local companies hire the most talented applicants in the country and keep our state’s economy competitive. When Rhode Island holds onto and recruits gifted graduates in STEM and design, the entire state benefits.”
The program offers annual credits with a cap of $6,000 for a graduate with a master’s degree or higher, $4,000 for a graduate with a bachelor’s degree and $1,000 for a graduate with an associate’s degree.
It also offers an “early action” option for graduating seniors with a pending job offer. All applicants can submit their applications through Aug. 22. On top of the awards, the Wavemaker fellowship program offers fellows educational and networking opportunities.
“The Wavemaker Fellowship program is a win-win for all, including the recent graduates who can pay down their student debt more quickly and the Rhode Island businesses that benefit from employing young talent with degrees in STEM and certain design fields,” said R.I. Commerce Secretary Liz Tanner. “Additionally, Rhode Island’s economy will receive a boost by retaining a talented and equipped workforce in high-demand occupations.”
