FORT WAYNE – Local business leaders Monday applauded a grant offer that will give college students financial incentives to pursue careers in engineering and advanced manufacturing with northeast Indiana employers.
“This program is one that rewards students for hard work and personal responsibility,” said Richard Poinsatte, vice president and treasurer for Steel Dynamics Inc. “It’s not a handout, it’s a hand up.”
Bruce Menshy, Raytheon’s operations director, said industry would benefit most from an increase of scientists and engineers in the workforce.
He called them the lifeblood of advanced manufacturers and the aerospace/defense industries.
“Innovation drives business,” Menshy said. “And a lot of times what you work on today you weren’t even thinking about five years ago.”
Questa Foundation for Education on Monday announced it will invest more than $500,000 – or 10 percent – from its Questa Scholars 1/2 Back Loan program during the next five years to help area students pursue college degrees in engineering.
The original loan program offers to forgive up to 50 percent of a Questa college loan for qualified Allen County students. Students may borrow up to $20,000 over four years.
Questa Foundation will earmark 10 percent of those awards for qualified students who choose to study engineering at Indiana University-Purdue University Fort Wayne, Indiana Tech and Trine University.
“We know that our region anticipates several thousands of new jobs in advanced manufacturing and defense/aerospace over the next five years,” said Christina K. Smith, Questa’s executive director.
Questa, a non-profit in Fort Wayne, will also allocate six loan awards this year for qualified applicants who pursue an advanced manufacturing degree at Ivy Tech Community College Northeast. Fort Wayne-based Steel Dynamics Foundation is underwriting the grants, which will be available to qualified high school seniors living in any of the 11 counties of northeast Indiana.
IPFW and Ivy Tech also announced they have joined five other institutions that partner with Questa to pay 25 percent of award recipients’ loan costs if they meet all the program’s requirements. Indiana Tech and Trine are also in that group.
As a result, a student could borrow $20,000 over four years but owe only $5,000.
