College graduates employed in STEM-related occupations in North Dakota may be eligible for student loan forgiveness through the STEM Occupations Student Loan Program administered by the North Dakota University System and the Bank of North Dakota. STEM-related occupations include jobs in the fields of science, technology, engineering and mathematics. Applications for the STEM Student Loan Forgiveness program open this Monday, May 1.
The program provides loan forgiveness of up to $1,500 per year for up to four years. Eligibility is limited to a cumulative lifetime award of $6,000. In 2016, more than one million dollars was applied toward student loans for college graduates in STEM-related occupations. To qualify as an applicant for loan forgiveness under this program, applicants must:
- Have completed an approved, technology-related program of study through a board-approved college;
- Have maintained a cumulative grade point average of 2.5 on a 4.0 grading system;
- Hold a qualifying federal student loan or Bank of North Dakota DEAL Loan or DEAL One Loan that is not in default;
- Have been employed on a full-time basis within North Dakota in an approved STEM occupation for 12 months following graduation, beginning at least by July 1, 2016.
Applicants who meet these qualifications will be considered based on the date their completed application is received by the North Dakota University System. Applications will be accepted from May 1 through May 31. Award recipients will be notified by July 28. Applicants must re-apply annually for funding consideration.
The STEM Occupations Student Loan Program was approved by the 2001 Legislative Assembly. The application materials and program information can be accessed online at https://cts.ndus.edu/stem/.
Please contact the North Dakota University System at 701-328-2964 or email@example.com with any questions.