Student loan forgiveness available to college grads employed in STEM fields

April 22, 2016

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.

The program provides loan forgiveness of up to $1,500 per year for up to four years. In 2015, 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, 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 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, 2015.

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 2 through June 16. Award recipients will be notified by July 31. 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 here.

Please contact the North Dakota University System at 701-328-2906 or with any questions.How to apply: Download the Teacher Shortage Loan Forgiveness application here. The program is authorized by N.D.C.C. 15-10-38 and is administered by the State Board of Higher Education through the NDUS. Awards are contingent upon continued legislative appropriations. For more information, please see program procedures here.