The average college graduate has to repay over $25,000.00 in student loans. Some people take years and years for the college tuition loans to be paid off in full. This obligation can keep many people from being financially secure for years after graduation. U.S. News indicates that there is a void in the STEM job market. The science, technology, engineering, and mathematics field is booming with unfilled jobs due to lack of qualified candidates.
If you consider the large loan obligation and the need for STEM employees together, it only seems to make sense that students who study in the STEM program may be able to get a job quicker, and hence payoff the student debt quicker. The glue to this scenario seems to be two fold: more loans will need be offered for the STEM field to add to the existing ones and more loan forgiveness programs can exist.
STEM Statistics at a Glance
The National Math + Science Initiative gives some startling facts about STEM students, pay, and deficiencies. It seems that 26 nations actually ranked higher than Unites States math students in the year 2012, in 2008 only 4% of Unites States bachelors degrees were given in engineering, and of 2009, of the 56 million people who were in the age bracket 25 and higher, only 20 million of them held degrees in the fields of science or engineering. Yet science, technology, engineering, and math were the fields that increased in employment need the most over the last seven years.
By the year 2018, job openings in STEM fields are expected to grow 45% more than exist now. And the desirable engineering field is the industry with the single best median pay scale. The facts don’t lie about the need and attractiveness of the STEM sector.
More STEM Loans
If the goal of colleges, students, parents, and businesses is to fill jobs in STEM and pay off loans quicker, then there needs to be a larger amount of loans with desirable rates geared to the fields of science, technology, engineering, and mathematics.
Some of the field specific loans that currently exist are the CBA Scholars Award, which is given to students in the state of Connecticut who are pursing STEM degrees. Another similar loan is the Virginia Two Year College Transfer Grant that is given to those residents of Virginia who all ready have their Associates’ degree and are then pursuing a bachelors or science degree in the STEM field. Normally Virginia gives $1,000.00 to residents who are seeking any BS or BA degree, after obtaining the Associates degree in any field, but for those going after a STEM degree, the amount goes up by $1,000.00.
Other schools such as MIT and Michigan University have similar incentive loans. Ass each year passes, and the gap between students with degrees in STEM and open job increases, additional loans will have to be offered.
If you plan on pursuing a degree in STEM, you must check the college loan websites regularly to stay abreast of new STEM geared monies. Colleges, states, businesses, or other similar organizations may offer these low interest loans.
More STEM Loan Forgiveness Programs
A loan forgiveness will come with many criterion that must be met. It may forgive the entirety of the loan, or some named portion of the loan. Each loan forgiveness plan is unique. An example of the STEM occupation student loan forgiveness plan is the one offered by North Dakota State University which allows up to $6,000.00 in loan forgiveness. The Vermont Science Technology Engineering and Mathematics Student Loan Incentive will offer to those who meet the criteria up to five years of $1,500.00 per loan forgiveness a year.
Just as there will be more loans offered as need to fill vacant STEM positions increases, so will the amount of forgiveness options. Just like loans, colleges, states, businesses, the federal government, or other similar organizations can offer the forgiveness platforms.
Due to the fact that the loans, forgiveness plans, and field of STEM advancements are so fluid, if you are interested in the field, you must be vigilant and check the appropriate sites on a regular basis to take advantage of the offerings. With the STEM field increasing by minutes and the fact that loan repayment burdens many graduates, the idea of studying in the filed and participating in a STEM specific loan or forgiveness program is an attractive remedy to the problems.