By Ellen McKoy
SEMA’s Loan Forgiveness Program Provides a Pathway to Student Debt Relief
|Saddled with student loan debt, Collin Gentry took a job at Meyer Distributing just to pay the bills, but he was soon hooked on the industry. Grateful for SEMA loan forgiveness awards, he encourages others to take advantage of the program.|
Imagine this: Three students who borrowed heavily to finance their college educations and are now deeply in debt concoct a scheme to expose a seedy lender and make a few bucks in the process. Thankfully, that far-fetched plot is merely the invention of best-selling author John Grisham, as told in his legal thriller “The Rooster Bar.”
While Grisham’s tale is pure fiction, real-world student loan debt is a big deal for more than 40 million borrowers—about 70% of college students. In fact, according to the Federal Reserve Bank of New York Consumer Credit Panel, student debt has hit a record-setting $1.52 trillion. And while millions of college grads struggle to repay their loans, there’s a pathway to leave those worries behind for those pursuing careers in the automotive industry. That pathway is the SEMA Loan Forgiveness program.
Established in the early ’00s under the SEMA Memorial Scholarship Fund, the program is aimed at helping graduates employed by a SEMA-member company pay off their student loans. Loan forgiveness awards are presented annually to qualified candidates. Beyond employment at a member company, applicants must hold a degree or certificate from an accredited college, university or technical school, have a minimum 2.5 GPA and, perhaps most important, a demonstrated passion for the industry.
To find out how financial assistance from SEMA has helped graduates pay off loans while working at their dream jobs, SEMA Member News recently caught up with three loan-forgiveness recipients. Each had an interesting story to tell as they recounted their somewhat circuitous routes into an industry they love.
Nick D’Orazio: From Auto Mechanic to Mechanical Engineering
After high school, I wasn’t interested in attending college. I decided to study automotive repair at the Toyota Technician Training & Education Network program. I then worked for an independent Volvo shop and went back to college to study mechanical engineering.
|An avid off-roader, Nick D’Orazio turned an interest in auto mechanics into a career in design engineering at Fox Factory Inc. With financial assistance from SEMA, he’s been able to pay down on a higher-interest student loan.|
Growing up, my brother and I were involved in off-roading. We thought we would eventually open a shop together. But through working as a mechanic, I realized I am better suited to the design of those products instead of working on them. So I transferred to Georgia Tech, where I did a six-month internship at Fox Racing Shocks. I returned to Georgia Tech to finish my last semester and started full time at Fox in 2016. I’m in the design engineering group that develops new products, from concept to finished product.
While at Georgia Tech, I worked at a company that offered a scholarship to employees who were in college. That scholarship was managed by the same company that manages the SEMA Scholarship Program, and they suggested I was a good candidate for the SEMA program. I applied four times, won two scholarships and the loan forgiveness award.
The ability to have decreased loan payments from the scholarships decreased my overall need while in college. With the loan forgiveness, I’ve been able to target one higher-interest loan and reduce the overall amount. In doing that, I’m able to spend more on non-fixed expenses and having fun in the aftermarket.
If someone’s already focused on being in the aftermarket, it’s a no brainer to apply for these programs. I encourage young people to be active in Society of Automotive Engineers competitions at their school. That will bolster their ability as young engineers to become involved in the automotive industry, to apply for scholarships and loan forgiveness awards through SEMA and move into an industry they’re
Collin Gentry: One Door Closes, Another Opens on a New Career
My goal was to be a Spanish teacher. I studied in Montevideo, Uruguay, where I lived with a host family for five months to become fluent in the language. I graduated from the University of Southern Indiana in 2011 when I got back.
It all starts when you get out of school and you’re sitting with $40,000 to $50,000 in load debt. You just need to make money. I wanted to find a job in southern Indiana, but I couldn’t find a teaching position. Then a friend said that there was a sales position open at Meyer Distributing. It was not at all what I had in mind. I took the job just to start paying bills, but it turned into so much more.
I had been at Meyer only about three months when I won an essay contest through the Young Executives Network (YEN). The essay had to do with involvement in the industry, passion and drive, and how to contribute to the growth of the industry. YEN flew me to the SEMA Show. It was then that I got to see everything that the industry offers, and I was hooked. I couldn’t wait to get back to work.
I started as a sales guy on the phone. Then I was a manager but was still required to be on the phone drumming up business. I’m currently the exhaust and undercar category manager with a team of six employees across the nation.
The whole industry was new to me when I started. Luckily, I had a really good boss and mentor who told me about the opportunities SEMA offers to college graduates and encouraged me to apply. It was great advice. The first time, I received $2,000. I’ve reapplied and have won a total of $8,000. It has helped tremendously. If you’ve got $2,000 to drop on your debt, it makes an impact.
It’s a wonderful program. I can’t thank SEMA enough. Student loan debt is no fun, and the award helps to free you from that financial burden. I wish more people would apply. They’ve got nothing to lose and everything to gain.
Jennifer LaFever: It’s All About Passion, Not a Paycheck
|Motorsports enthusiast Jennifer LaFever always dreamt of working in the industry. Now in her dream job at Roush-Yates Performance Products, she views financial assistance from SEMA as a bonus that allows her to pursue her passion.|
I’m a California native. I went to the University of California, Davis, for my mechanical engineering degree, with a minor in economics. Growing up, my dad was into motorsports. So I was immersed in it from a young age, but it was always a hobby to me. I didn’t know it could be a career.
It wasn’t until I graduated from college that I thought I might make a career out of something I am passionate about and not just make a paycheck. I saw an advertisement for the NASCAR Technical Institute. I flew to North Carolina, realized that all the teams are in that area and that the school would give me a hands-on experience that was different from my technical
But I already had a job lined up in the semiconductor tool industry. I worked there for a few years and ended up as a quality engineer. I loved it. It was really exciting because it was super hard when I was in engineering school. I can’t come up with things out of thin air, it isn’t my strength. So when I realized that my engineering degree had more applications, I was thrilled.
I quit my job in the middle of the recession to pursue this passion that was still nagging me. I attended an automotive technology program at University Technical Institute, where I won a $10,000 scholarship. Now that I had money, I signed up for the NASCAR elective and was able to commit to moving to North Carolina and getting that NASCAR certificate.
One of my instructors asked if I had an internship. I didn’t know that was an opportunity, but within days I had interviews lined up with two NASCAR teams and a job with Roush-Yates Racing Engines as an intern in the quality department—all because they saw that I had automotive and engineering experience!
I graduated in September 2011, and I became manager of the quality department in October. Two years ago, I was promoted to director of quality for all of NASCAR production at Roush-Yates Performance Products. It’s very challenging, but that’s what I love about it. What attracted me to motorsports and what keeps me here are the passion and excitement.
I heard about the SEMA program from a co-worker, who suggested I apply. I’ve won two loan forgiveness awards. It goes back to that passion. Loan payments are a burden. Loan forgiveness relieves that burden, and it relieves the idea of having to chase the money. It’s basically a $2,000 bonus that has allowed me to work and stay in an industry I am passionate about.