PROVIDENCE – The state has reopened applications for the Wavemaker Fellowship program, which provides credits to help cover student loan repayments for graduates who choose to work in science, tech, design and other STEM-related fields.
The purpose is to attract and retain top talent in Rhode Island, particularly employees in hard-to-fill positions and fields. The state awarded 208 Wavemaker Fellowships last year, chosen by a committee that reviews submissions that are “blind” as to name of applicant and their employer, according to the program rules.
Seifert Systems Invests in Energy Efficiency to Strengthen Operations
For manufacturers, energy is more than just another operating expense. It plays a critical role…
Learn More
The list of recipients, a public document, includes employees of Amica Mutual Insurance Co., Hasbro Inc., Collette and Rhode Island Hospital, among others.
Under the program rules, 70 percent of the dollar awards must be made to applicants who graduated from undergraduate or graduate programs in Rhode Island.
They receive a refundable tax credit that can cover student loan payments of up to $6,000 a year, for four years. Last year, the average award was $3,750.
Gov. Gina M. Raimondo has requested $1.6 million for the fellowship program in the fiscal 2018 budget, according to the documents.
This represents a $1.9 million decrease in funding, which was first approved in fiscal 2017 at $3.5 million, then reduced to $2 million in the revised fiscal 2017 state budget.
The maximum credit includes up to $6,000 for graduate degree holders, $4,000 for bachelor’s degree recipients and $1,000 for associate’s degree holders.
For information, visit www.commerceri.com/wavemaker.
Mary MacDonald is a PBN staff writer.
