AP

Utah starting $2.5M debt forgiveness program for tech grads

Jan 20, 2019, 10:53 AM
tech...

SALT LAKE CITY — Utah is rolling out a program to forgive college debt for tech workers who stay and work in the state.

Lawmakers created the Talent Development Incentive Loan Program $2.5 million program last year to retain graduates and keep Utah’s tech sector growing, the Deseret News reported.

It requires students to have completed one year on approved academic track for a bachelor’s degree in order to apply, but after that accepted students could have their last three years paid for if they agree to work in state for three years after graduation. Associate’s degree students have to be enrolled for a semester before applying.

For a University of Utah student, that could mean up to $30,000 in debt relief. School officials there are expecting to be ready for applications in the coming weeks.

Qualifying jobs include applications software developers, management analysts, computer systems analysts, computer and information system managers and network and computer systems administrators.

Those interested should contact their college’s financial aid office.

Abby Osborne, vice president for government relations for the Salt Lake Chamber, told lawmakers last year that the state exports far more jobs that it imports. Students who attend publicly funded universities are often lured out of the state for jobs elsewhere, she said.

“Workforce is really the key issue in Utah in these targeted tech areas,” said Senate Assistant Majority Whip Ann Millner, a Republican who proposed creating the program. “It’s really important for us to find ways to keep our grads in the state as they begin their careers.”

Utah now has nearly 1,500 unfilled positions for software application developers and over 750 open jobs for network and computer systems administrators.

The total number of tech jobs sitting empty numbers about 5,800, a nearly 20 percent increase over a year ago.

The money is doled out to Utah post-secondary schools based on a formula assessing the average number of graduates in qualifying degree programs, said Spencer Jenkins, the Utah System of Higher Education’s associate commissioner for public affairs.

The University of Utah, for example, will get just over $770,000 for the upcoming school year. Brenda Burke, the school’s executive director for Scholarship and Financial Aid, said her office has identified about 1,000 students who would qualify, though their allotment would fund about 90 students this year.

Accepted students will have to sign a promissory note that puts them on the hook for loan repayment if they move early.

“Our tech industry is growing faster than any other state in the nation,” Salt Lake Chamber and Downtown Alliance CEO Derek Miller said. “That’s the good news. But if we want to continue to have a sustainable knowledge-based, innovation economy we’re going to need to continue to focus on workforce development.”

Today’s Top Stories

AP

Twitter might get bought by Elon Musk after all. Twitter screen shown on phone...
TOM KRISHER, MATT O'BRIEN and RANDALL CHASE Associated Press

Musk offers to end legal fight, pay $44B to buy Twitter

The offer comes just two weeks before the Twitter lawsuit seeking to force Musk to go through with the deal goes to trial in Delaware Chancery Court.
2 days ago
supreme court pictured, its new term has started and will hear new cases...
The Associated Press

Supreme Court’s top cases for new term, new Justice Jackson

Already the Supreme Court has said it will decide cases on a range of major issues including affirmative action, voting rights and the rights of LGBTQ people.
3 days ago
TikTok shown on a phone. TikTok is proving influential in poliitics...
DAVID KLEPPER Associated Press

TikTok politics: Candidates turn to it ‘for better or worse’

TikTok isn't just about viral dance challenges anymore, but also a place to shop, learn about beauty, fashion or even politics.
6 days ago
Damage from Hurricane Ian...
ADRIANA GOMEZ-LICON Associated Press

Ian returns to hurricane status, meanwhile floods trap many in Florida

Hours after weakening to a tropical depression while crossing the Florida peninsula, Ian regained hurricane strength Thursday evening after emerging over the Atlantic Ocean.
7 days ago
An uprooted tree, toppled by strong winds from the outer bands of Hurricane Ian, rests in a parking...
CURT ANDERSON Associated Press

Ian makes landfall in southwest Florida as Category 4 storm

About 2.5 million people had been ordered to evacuate the area before the storm hit the coast on Wednesday with maximum sustained winds of 150 mph (241 kph).
8 days ago
The White House to ask for less money to fund border wall...
ACACIA CORONADO and GISELA SALOMON Associated Press

Increase in Venezuelan migration is felt across US

Last month, Venezuelans surpassed Guatemalans and Hondurans to become the second-largest nationality stopped at the U.S. border after Mexicans.
10 days ago

Sponsored Articles

Young woman receiving laser treatment...
Form Derm Spa

How facial plastic surgery and skincare are joining forces

Facial plastic surgery is not only about looking good but about feeling good too. The medical team at Form Spa are trained to help you reach your aesthetic outcomes through surgery and through skincare and dermatology, too.
large group of friends tohether in a park having fun...
BYU MBA at the Marriott School of Business

What differentiates BYU’s MBA program from other MBA programs

Commitment to service is at the heart of BYU’s MBA program, which makes it stand out among other MBA programs across the country.
a worker with a drill in an orange helmet installs a door in the house...
Price's Guaranteed Doors

Home improvement tip: Increase the value of your home by weatherproofing doors

Make sure your home is comfortable before the winter! Seasonal maintenance keeps your home up to date. Read our tips on weatherproofing doors.
Curb Appeal...
Price's Guaranteed Doors

How to have the best of both worlds for your house | Home security and curb appeal

Protect your home and improve its curb appeal with the latest security solutions like beautiful garage doors and increased security systems.
A paper reading IRS, internal revenue service is pictured...
Jordan Wilcox

The best strategies for dealing with IRS tax harassment | You have options!

Learn how to deal with IRS tax harassment. This guide will teach you how to stop IRS phone calls and letters, and how to handle an IRS audit.
spend a day at Bear Lake...
Bear Lake Convention and Visitors Bureau

You’ll love spending the day at Bear Lake | How to spend a day at Bear Lake

Bear Lake is a place that needs to be experienced. Spend a day at Bear Lake.
Utah starting $2.5M debt forgiveness program for tech grads