Refundable tax credit program defrays student loan debt for Wavemaker Fellows working across Rhode Island’s STEM/Design, Healthcare, and Education sectors.

PROVIDENCE, RI – March 18, 2026 – Secretary of Commerce Stefan Pryor and Rhode Island Commerce today welcome 102 Wavemaker Fellows to its 10th cohort. The competitive refundable tax credit program reimburses Rhode Island professionals working across the state’s STEM (Science, Technology, Engineering, and Mathematics), design, healthcare, and education sectors in order to help lessen student loan debt. 

“Congratulations to this new cohort of Wavemaker Fellows,” said Governor McKee. “These talented Rhode Islanders are contributing to key industries across our state, and we’re proud to support their work as they build their careers here in our state.”

Fellows are eligible to receive refundable tax credits for up to $6,000 per year up to four years, with reimbursement ranging from $1,000, $4,000, and $6,000 per year for associate’s, bachelor’s, and master’s degrees (or higher), respectively.

“Rhode Island’s workforce powers our businesses, our communities, and our future,” said Secretary of Commerce Stefan Pryor. “Strategic investments such as the Wavemaker Fellowship help businesses retain and attract the talent they need to succeed. We welcome the program’s newest cohort and look forward to their continued contributions to our state.”

This cohort includes Fellows who represent: 

Career field

  • Advanced Mathematics and Finance – 8
  • Computer, information or software technology – 3
  • Engineering – 17
  • Industrial design or other commercially relevant design field – 6
  • Life, natural or environmental sciences – 1
  • Medicine or medical device technology – 50
  • Including 12 primary care providers (PCPs)
  • Teaching – 17

Education level

  • Bachelor’s degree – 41
  • Master’s degree – 39
  • Doctorate/Professional degree – 22

From Rhode Island higher education institutions (50):

  • Brown University – 3 
  • Bryant University – 5
  • Johnson & Wales University – 3 
  • New England Institute of Technology – 1
  • Providence College – 4
  • Rhode Island College – 8
  • Roger Williams University – 6 
  • Salve Regina University – 1
  • University of Rhode Island – 19 

Each of this cohort’s Fellows were approved for four-year service periods, resulting in total obligated awards of $1,312,110 for non-primary care provider Fellows and $232,998 for primary care provider Fellows.

President of the Senate Valarie J. Lawson and Speaker of the House K. Joseph Shekarchi said, “Congratulations to each of the new Wavemaker Fellows, and thank you for choosing to put your talent to work here in Rhode Island. Our state’s health care crisis remains a top priority for the General Assembly, and we are especially grateful that this year’s Wavemaker cohort includes primary care providers. We are thankful to everyone who continues to support this critical workforce program.”

"It's truly inspiring to see so many young professionals in Rhode Island’s healthcare and medical fields awarded in this round of the Wavemaker Fellowship Program," said Executive Office of Health and Human Services Secretary Richard Charest. "These individuals represent the future of our state’s health system, bringing fresh ideas, vital skills, and a deep commitment to caring for our communities. Supporting them – and ensuring they can build their careers here – is essential to strengthening our workforce and expanding access to high quality care. I’m proud to celebrate their achievements and excited for the impact they will continue to make across our state.”

In addition to this financial support, Wavemaker Fellows are also invited to participate in programming and events that provide personal and professional development, network-building, and further community engagement. 

Applicants are evaluated on a variety of criteria, including roles considered critical to Rhode Island’s economy, professional credentials and licensure, and demonstrated impact of the award on their decision to stay and work in Rhode Island.

In total, Rhode Island’s Wavemaker Fellowship has been awarded to more than 1,600 Rhode Islanders since the program’s establishment in 2016. In 2024, PCP Fellows became a specific focus of the program, and in 2025 the first teacher Fellows were announced. The next Wavemaker Fellowship application period is expected to open in spring 2026. 

Learn more: wavemaker.commerceri.com [mf94itmab.cc.rs6.net].

 

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