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PROVIDENCE, R.I. (WPRI) — The Wavemaker Fellowship is coming back and new applications are now being accepted.

Rhode Island Commerce and Gov. Dan McKee announced the reopening of the competitive student loan program on Friday.

The program provides financial relief to college graduates by offering up to $6,000 of refundable tax credits annually for up to four years. It’s open to those in science, technology, engineering, mathematics (STEM), commercial design and health care fields.

“The Wavemaker Fellowship is designed to ease the burden of student loan debt, while helping Rhode Island retain the skilled talent that keeps our STEM and healthcare fields strong,” McKee said.

The maximum annual credit will vary depending on an individual’s level of education.

“This program is a win for our workforce, our local economy, and the public health of our communities,” Rhode Island Commerce Secretary Liz Tanner added. “I strongly encourage health care professionals to apply!”

Additionally, McKee announced that expanding the fellowship to include teachers has been included in his proposed FY 2024 budget.

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