Stevens Institute of Technology produces scientists and engineers, so that’s where Gov. Phil Murphy came to lay out his initiatives to keep STEM students in the state after they graduate.
“I don’t want other places to prosper from the skills they are learning here. I want them, I suspect we all want them, to stay here to become part of that ‘stronger’ side of the stronger and fairer New Jersey we’re trying to build,” Murphy said.
The STEM Loan Forgiveness Program would offer a New Jersey graduate who spends four years in a STEM company in New Jersey $1,000 annually in years 5, 6, 7 and 8, and would require an employer match, for a total of $8,000.
“Given that the average New Jersey college graduate leaves school with student debts totaling just under $30,000, this program, needless to say, if you take $8,000 off the top, could help wipe away a significant percentage of the outstanding balance,” Murphy said.
The STEM Paid Internship Program would reimburse employers 50 percent of what they pay their interns up to $1,500 a year.
“Statistics suggest that up to half of these interns are eventually offered jobs at the companies in which they interned,” Murphy added.
Assemblyman Andrew Zwicker, a physicist, and Sen. Paul Sarlo, an engineer, have agreed to sponsor the necessary legislation.
Also present was the CEO of a software manufacturer that is growing rapidly in Bell Works, the old Bell Labs building in Holmdel.
“For us to be able to grow, we need STEM-based employees to join our firm and to stay with our firm over the long run. And to choose New Jersey, frankly, because that’s where most of our growth is,” said Chris Sullens, CEO of WorkWave.
Murphy said the loan forgiveness will cost the state $12 million a year, beginning in 2022. The internship supplement will cost $3 million and is already in Murphy’s budget for next year. He pushes the idea of an innovation economy.
“Innovation is in our state’s DNA. This is not an unnatural act for us,” Murphy said.
In the Q&A with reporters, Murphy was asked how budget negotiations are going with the legislative leaders. His fellow Democrats are balking at the tax hikes he is counting on, but he indicated Tuesday that progress is being made.
“We had our meeting. It lasted a good hour, and it was quite productive, but we all agreed we weren’t going to talk about what happened in it. We’re not there yet, but again in baseball terms, we may have turned to the top of the 6th, I’ve been in the 5th inning for a couple of my answers so I’ll admit we might be in the top of the 6th, but it was a very good discussion. Very open on both expenditure and revenue, and we’re going to continue those discussions, both at the principal level and at the working group level,” Murphy said.
Still ahead, the 7th inning stretch and the bottom of the 9th.
