RI’s Wavemaker Fellowship Program Application Period Now Open—Supports STEM Careers and More
Thursday, June 30, 2022
Governor Dan McKee and Rhode Island Commerce announced Wednesday the re-opening of applications for the Wavemaker Fellowship program, a competitive student loan reimbursement program for recent graduates working in STEM (Science, Technology, Engineering, and Mathematics) and certain design fields.
The Wavemaker Fellowship awards graduates working in STEM and design jobs in Rhode Island with a refundable tax credit that can cover student loan payments up to $6,000 per year for up to four years.
“Student debt and the overall cost of education remains a significant burden for our recent college graduates,” said McKee. “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.”
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Program Details
Once again, the program will also grant applicants an “early action” opportunity, which allows graduating seniors and others with a pending job offer to apply to the program. The Wavemaker program otherwise requires the applicant to have already accepted a job offer or begun working in Rhode Island.
In addition to student loan relief, the program also provides educational and networking opportunities, fostering increased connections and opportunities in Rhode Island. Past events include Homebuying 101, personal finance classes, and volunteer opportunities.
This is the seventh round of Wavemaker Fellowship awards. The first six iterations saw 1,053 professionals awarded student loan repayment for at least two years, with an average award of approximately $3,900 per year.
Applicants are evaluated on a variety of criteria, but most importantly by their pursuit of careers in key advanced industries and the impact of the award on the applicants' decisions to stay and work in Rhode Island.
The FY23 budget signed into law includes expanding the Wavemaker program to include health care workers and mental health care workers.
To apply for the Wavemaker Fellowship, visit wavemaker.commerceri.com. For more information, e-mail [email protected] or call (401) 278-9100.
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