In 2018-2019, North Carolina implemented a loan forgiveness program to recruit talented postsecondary students into teaching majors in needed subject areas. This qualitative case study analyzes the influence of the North Carolina Teaching Fellows Program (NCTFP) on 10 student participants' college, major, and career plans in STEM education to understand how loan incentives shaped student interest in teaching careers in STEM subjects. Findings reveal that forgivable loan funding influenced college choice among those choosing institutions at the time of NCTFP acceptance. While the NCTFP was most appealing to participants who already planned to become STEM educators, there is also evidence that the program shaped some participants' academic and career goals towards STEM education. While the NCTFP also serves to promote graduates' entry into low-performing schools, this incentive may generate unintended consequences for students and schools alike.