Maine is willing to help you pay off your student loans via the Opportunity Maine program.
November 01, 2019
Like lobster? Duck boots? The great outdoors? How about getting your student loans paid off? You can have it all…if you move to the state of Maine. That’s right; Maine is willing to help you pay off your student loan debt as of last year.
According to CNN, “the north-easternmost US state can't seem to get enough young people to move there. So, officials have hit upon the ultimate incentive: Move to Maine, and they'll help you pay off your student loans.”
Here’s the deal: When you relocate to Maine, the money spent towards paying your student loan debt (whether its comprised of federal loans, private student loans or a mix of both) each year will be subtracted from your state income taxes. Student Loan Hero reports that the average student loan debt amount for a college graduate totals $29,800. Imagine having that completely wiped out just because you moved to Maine.
The program began in 2008 as a tax benefit for young professionals already living in Maine. The original program, The Educational Opportunity Tax Credit program, allowed for Maine college graduates to use their loan payments as tax credits. Now Opportunity Maine is open to anyone who wants to relocate and work full time -- or part time.
That means, as a simplified example, if you pay $800 towards your outstanding student loan, and you owe Maine $1,000 in taxes, you’ll only end up paying the state $200.
Note: there’s even more potential for STEM majors. According to CNN, those “who study science, technology, engineering and math -- could even get a check back from the government -- if their loan payoff amount outweighs their taxes. Non-STEM majors fall under a non-refundable tax credit program, which means they'd owe $0 in state taxes under the same scenario.”
Every semester, Fastweb helps thousands of students pay for school by matching them to scholarships, grants, and internships, for which they actually qualify. You'll find high value scholarships that are easy to enter like Niche $2,000 No Essay Scholarship, and internships with companies like Apple, Google, Dreamworks, and even NASA!