Lawrence Tech looks to keep engineers in Michigan

 

School offers zero percent interest loans

 

By Jennifer S. McDonald

C & G Staff writer

     For most engineering and technology students, algebra, calculus and trigonometry are the easy part. Funding four-years of higher education may not be as simple.

     Students at Lawrence Technological University will be among the first to take advantage of a new zero percent loan program, recently announced by Gov. Jennifer Granholm and set to begin this August.

     “Students are eligible who are in engineering and technology programs. That includes a wide variety of things at Lawrence Tech University,” Charles M. Chambers, president and CEO of Lawrence Tech, said. “The design of the program is to reconnect students with their studies while getting them ready to go into the workforce here in Michigan.”

     Known as the “Michigan Engineering Incentive,” the program is designed to encourage Michigan students to consider careers in engineering and technology while keeping their knowledge and expertise in the state after they graduate.

     “This is considered an enhancement to the existing Stafford Loan program. This is a loan many already have,” Chambers said. “This one gives students a forgiveness of their interest rate. There’s no interest rate by the time they graduate as long as they live in Michigan and pay their loans on time.”

     The Michigan Engineering Incentive is offered to junior and senior borrowers whose Federal Stafford Loans are first distributed on or after Aug. 1, 2005. The program also offers reimbursement of the 3 percent federal loan origination fee.

     For a $10,000 loan, this program offers a total savings of $2,092 at the current interest rates, Chambers said.

     “This is something we’ve talked with the governor about for two or three years now and this is something where she sees the benefit,” Chambers said. “It’s going to do two things. One, encourage students to continue with their engineering studies because this is what the loan is for; and two, it will encourage them to stay in the state.”

     With the state looking at a 7.5 percent unemployment rate and $280 million cut in aid the last three years to Michigan’s public universities, educators hope that this new incentive will help.

     Lawrence Tech is the first independent university to offer this program, Chambers said.               

      A zero percent loan makes “schooling a little more achievable,” Director of Admissions for Lawrence Tech Jane Rohrback said. “This is an excellent option with state aid going down. This is a wonderful opportunity, saying we can offer this to you as a way to get that degree.”

     For more information about the Michigan Engineering Incentive and other financial aid options, contact Lawrence Tech’s financial aid office at (248) 204-2120, www.ltu.edu/financial_aid/, or the Michigan Higher Education Student Loan Authority at (888) 643-7521, or log onto www.michigan.gov/mistudentaid.

     You can reach Jennifer McDonald at jmcdonald@candgnews.com