In the wake of Ted Stevens Day earlier this month, I have been reflecting on two major problems the senator strove to address: our lack of quality infrastructure and the so-called "brain drain" of talented Alaskans leaving the state. I have an idea that would help continue his legacy by addressing both simultaneously. By providing loans to Alaska students to pursue MBAs, we can help foster the talent of bright young Alaskans and encourage them to return to the state. Everybody wins: Alaska students get a high-quality education, parents get their educated children to return to the state, and Alaska gains the qualified and skilled professionals we need to get our economy back on track.
During my years serving on Sen. Stevens' staff, we tirelessly fought for improvements in Alaska infrastructure and for fostering the talents and education of Alaskans. If we are to revitalize Alaska's economy, we need to further invest in our state and in our people.
Alaska is well-endowed with natural resources and capable workers. What we need now is to smartly manage them. We need effective money managers to sustainably increase investment earnings of the Alaska Permanent Fund. We need dedicated entrepreneurs to create new jobs and spur innovation. Above all, we need skilled business leaders who know how to best harness our resources to secure sustainable, long-term economic development for Alaska.
One potential method to increase the number of qualified business professionals is to train and attract more MBAs in the state. Beyond imparting essential skills in finance, accounting, and business practices, an MBA program teaches students critical thinking and problem solving skills in a ''thinking big'' mindset that our state desperately needs. By providing tuition-assistance loans to qualified Alaskans seeking an MBA, we can simultaneously help our state's economy and create better opportunities for our talented youth.
To accomplish this, we can adapt a similar, existing model for medical students to those seeking MBAs. WWAMI, created with the help of Sen. Stevens, is a regional medical education program for students from Washington, Wyoming, Alaska, Montana and Idaho. Facilitated by the University of Washington School of Medicine, the aim of the program is to train more doctors for medically under-served areas.
WWAMI functions through state loans that subsidize the cost of medical school for students. Those loans can be forgiven with three to five years of medical service in the state. This same model could be used for students seeking a master's in Business Administration. WWAMI has proven to be successful, and could serve as an excellent incentive for Alaska students to not only seek an MBA, but to stay in the state after they complete their study.
Where WWAMI students participate in clinicals at sites across the participating states, students receiving state help to finance their MBA could participate in internships at the Alaska Permanent Fund Corporation or the various money managers with which they work. This would provide hands-on experience and exposure that could enhance students' ability to be effective contributors to critical economic activity upon their return.
Alaska has a long history of student loan forgiveness, a policy that has attracted multitudes of bright Alaskans to remain in the state. If we are to ensure the long-term growth and sustainability of our economy, we need to harness the talent of the people who live here and better manage the resources of our state. By providing loan assistance to Alaskans seeking MBAs, we can provide opportunities for Alaskans, give bright young Alaskans an incentive to bring their talents back home, and make our natural resources sustain our economy for years to come.
Jack Ferguson formerly served as chief of staff to both Sen. Ted Stevens Congressman Don Young, before starting his own lobbying firm in 1978. He currently lives in Anchorage and Washington, D.C.
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