The Rules and Regulations for the Wavemaker Fellowship Program

Regulation Authority:

R.I.G.L. § 42-64.26

Purpose and Reason:

The Rules implement the newly-enacted Wavemaker Fellowship program, which provides a redeemable tax credit to cover student loan debt expenses of eligible graduates. To be eligible, an applicant for the fellowship must have incurred student loan debt during the completion of an associate’s, bachelor’s, or graduate degree and must work in Rhode Island in one of the following fields: life, natural or environmental sciences; computer, information or software technology;advanced mathematics or finance; engineering; industrial design or other commercially related design field; or medical or medical device technology. A fellowship committee convened by the Corporation will select fellowship recipients from among the eligible applicants using a competitive,merit-based process. Fellowship winners will receive an annual redeemable tax credit for up to four years. The annual tax credit amount will equal the fellow’s annual loan repayment expenses, subject to the following caps: $6,000 for a fellow with a graduate degree, $4,000 for a fellow with a bachelor’s degree, and $1,000 for a fellow with an associate’s degree.