LANSING – Macomb County House Democrats today announced a plan to better prepare Michigan students for the good-paying jobs of the future and create the best-educated workforce possible by offering interest-free student loans for students who take his or her first job in Michigan after getting their degrees in certain high-tech fields.
"College and advanced training open the doors of opportunity to our citizens and bring jobs into Macomb County," State Rep. Fred Miller (D-Mount Clemens) said. "We must do everything in our power to give our students the resources they need to compete in a global economy. This plan strengthens our workforce, keeps our best and brightest right here in Macomb County, and moves Michigan in the right direction."
State Rep. Frank Accavitti (D-Eastpointe) said: "We must prepare our students for the global economy right here in Macomb County and this plan does exactly that. We must attract new investment, research and development and new jobs into Michigan, and the best way to do that is to show the world that we have a strong, well-trained, well-educated workforce."
Under the Jobs of the Future Education Act, every student who takes a first job in Michigan and stays for five years will pay no interest on their student loans when they enter fields such as computer and information sciences and support services, engineering, engineering technology, biological or biomedical sciences and science technology. These fields make up nearly 17 percent of the total number of Bachelor's degrees earned in Michigan at four-year universities.
The current interest rate for Stafford Loans is 6.8 percent, according to www.finaid.org. The average debt amount for students with student loans ranges between $18,000 and $20,000 and the interest-free student loans program has potential savings of more than $7,600 per student.
In an April 2004 report, The Brookings Institution warns that America will not be able to hold onto the highest paying jobs in the world if the number of college graduates with degrees in physical sciences, math and engineering continue on a downward trend.[1]
"Today's students are tomorrow's workers," State Rep. Steve Bieda (D-Warren) said. "This plan invests in our students and opens the doors of opportunity for them."
State Rep. Lisa Wojno (D-Warren) said: "College and advanced training are the keys to a strong 21st-Century workforce, and this plan will help our children compete in today's technology economy. It's the right move for Michigan and Macomb County's working families."
[1]Brainard, Lael and Litan, Robert E., "Offshoring Service Jobs: Bane or Boon and What to Do?" The Brookings Institution; April 2004.