Recognizing the critical need to address the United States' shortage of engineers, the U.S. Congress cleared legislation that will provide new financial incentives for engineering students. The provision was included in the Higher Education Reauthorization and College Opportunity Act of 2008, and provides up to $10,000 in loan forgiveness for engineering students. President Bush is expected to sign it into law this month.
In addition to extending various federal student aid programs, the Higher Education Act creates a new program to provide financial incentives for professions in areas of "national need." When implemented, engineers will receive up to $2,000 a year-for a total of $10,000-in credit against their outstanding student loan obligation following graduation and entry into an engineering career.
to Daily News