College graduates employed in STEM-related occupations in North Dakota may be eligible for student loan forgiveness through the 2018 STEM Loan Forgiveness Program administered by the North Dakota University System (NDUS) 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 are open from Monday, May 1 to Thursday, May 31.
The STEM Occupations Loan Forgiveness Program is intended to reduce loan indebtedness for college graduates who work in STEM-related fields in North Dakota. The program provides for eligibility of up to $6,000 awarded in a lifetime. To qualify as an applicant for loan forgiveness under this program, applicants must:
- Have completed an approved, STEM-related program of study through a board-approved college;
- Have maintained a cumulative grade point average of 2.5 or higher on a 4.0 grading system;
- Have a gross annual salary or equivalent hourly wage of $60,000 or less;
- Have been employed in a board-approved STEM occupation for 12 months in North Dakota following graduation;
- Hold a qualifying federal student loan or Bank of North Dakota DEAL Loan or DEAL One Loan that is not in default.
The number of loan forgiveness applications approved each year is contingent upon legislative appropriations. Not all qualified applicants are assured funding. Applicants who meet these qualifications will be considered based on the date their completed application is received by the NDUS. Award recipients will be notified by July 31. Applicants must re-apply annually for funding consideration.