The Michigan Engineering Incentive - Gov. Jennifer Granholm's recently announced program to help graduates with technological degrees save on their federal Stafford Loans - strongly resembles 2003's Michigan Students First program.

Although the Michigan Engineering Incentive only applies to graduates with technological degrees, Students First includes students with any college degree. Both programs reimburse the loan origination fee and eliminate interest rates.

Aside from the degree requirement, there are two major differences between the programs. In order to take advantage of the Michigan Engineering Incentive, graduates must remain in Michigan to live and work. Students First has no such requirement. With the Michigan Engineering Incentive, loans are interest-free upon graduation, whereas the Students First program requires three years of regular payments before loans become interest-free.

As far as the money-making potential of various degrees goes, it's no secret that technological degrees probably are near the top of the list. Frankly, it's questionable whether a graduate offered a job with a $60,000 startup salary out of state would stay in Michigan to save what would amount to less than $50 a year for the next decade.

It's admirable that Granholm wants to bring more tech jobs into the state, as the failing manufacturing sector has given us one of the highest unemployment rates in the nation. It's hard to argue that establishing a strong technological sector would not benefit Michigan.

But although tech jobs are important to developing the economy, there are less-profitable careers in dire straits these days. Nursing and teaching students would almost definitely appreciate a bevy of similar programs that ease financial pressure after graduating. Sure, the state can use more engineers, but it also can put more nurses and teachers to good use.

Granholm's initiative is not a bad one, but it's worth noting that the state has concerns above and beyond its need for more tech jobs.