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.”
Arizona -- Primary Care Provider Loan Repayment Program (PCPLRP) and Rural Private Primary Care, Math, Science, Special Education Teacher Loan Forgiveness and Joyce Holsey’s ALL (Arizona’s Legal Legacy) Loan Repayment Assistance Program
Arkansas -- State Teacher Education Program (STEP) and Out-Of-State Veterinary Medical Education Loan Repayment Program
California -- Steven M. Thompson Physician Corps Loan Repayment, California State Loan Repayment Program and CDA Foundation Student Loan Repayment Grant
Colorado -- Colorado Health Service Corps and Colorado’s Law Loan Repayment Assistance Program
Delaware -- Delaware State Loan Repayment Program
Florida -- Nursing Student Loan Forgiveness Program and Loan Repayment Assistance Programs for Lawyers
Georgia -- Physicians for Rural Areas Assistance Program
Hawaii -- Hawaii State Loan Repayment Program
Idaho -- Idaho State Loan Repayment Program
Illinois -- Illinois Teachers Loan Repayment Program, John R. Justice Student Loan Repayment Program, Nurse Educator Loan Repayment Program and Veterans’ Home Nurse Loan Repayment Program
Indiana – Hon. Richard M. Givan Loan Repayment Assistance Program
Iowa -- Teach Iowa Scholars, Iowa Registered Nurse & Nurse Educator Loan Forgiveness Program, Rural Iowa Primary Loan Repayment Program and Rural Iowa RN and PA Loan Repayment Program
Kansas -- Rural Opportunity Zones Student Loan Repayment Program, Kansas State Loan Repayment Program and Kansas Bridging Plan
Kentucky -- Kentucky State Loan Repayment Program
Louisiana -- Louisiana State Loan Repayment Program, John R. Justice Student Loan Repayment Program and Louisiana Bar Foundation Loan Repayment Assistance Program
Maine -- Educators for Maine, Maine Health Professions Loan Program Forgiveness, Maine Veterinary Medicine Loan Program Forgiveness, Maine Dental Education Loan Repayment Program and Maine Bar Foundation Loan Repayment Assistance Program
Maryland -- Maryland SmartBuy Home Buyer Assistance & Forgiveness Program, Janet L. Hoffman Loan Assistance Repayment Program, The Nancy Grasmick Teacher Award and Maryland Dent-Care Loan Assistance Repayment Program
Massachusetts -- Massachusetts Loan Repayment Program for Health Professionals
Michigan -- Michigan State Loan Repayment Program and John R. Justice Student Loan Repayment Program
Minnesota -- Minnesota Rural Physician Loan Forgiveness Program, Minnesota Urban Physician Loan Forgiveness Program, Minnesota Rural Midlevel Practitioner Loan Forgiveness Program, Minnesota Nurse Loan Forgiveness Program, Minnesota Nurse Loan Forgiveness Program, Allied Health Care Faculty or Nurse Faculty Minnesota Loan Forgiveness Program, Minnesota Dentist Loan Forgiveness Program, Minnesota State Loan Repayment Program and Minnesota Loan Repayment Assistance Program for Law
Mississippi -- Mississippi Teacher Loan Repayment Program
Missouri -- PRIMO Student Loan Program, Health Professional Nursing Student Loans and Missouri Health Professional State Loan Repayment Program
Montana -- Quality Educator Loan Assistance Program, Montana Rural Physician Incentive Program and Montana Institutional Nursing Incentive Program
Nebraska -- Nebraska Student Loan Repayment Program
Nevada -- Nevada Health Service Corps
New Hampshire -- New Hampshire State Loan Repayment Program and New Hampshire Bar Foundation Loan Forgiveness Program
New Jersey -- John R. Justice Federal Student Loan Redemption Program, Primary Care Physician and Dentist Loan Redemption Program and Nursing Faculty Loan Redemption Program
New Mexico -- Health Professional Loan Repayment Program, John R. Justice Loan Repayment Program and Public Service Law Loan Repayment Program
New York -- District Attorney and Indigent Legal Services Attorney Loan Forgiveness Program, NYS Licensed Social Worker Loan Forgiveness Program, Nursing Faculty Loan Forgiveness Incentive Program, New York State Young Farmers Loan Forgiveness Incentive Program, Regents Physician Loan Forgiveness Award Program, Albany Law School Loan Repayment Assistance Program, Physician Loan Repayment - Qualified Educational Loan Repayment, New York City Loan Forgiveness Program and Steven C. Krane Loan Assistance for the Public Interest Program
North Carolina -- Forgivable Education Loans for Service, North Carolina State Loan Repayment Program for Mental Health Professionals and NC LEAF Loan Assistance Repayment Program
Ohio -- John R. Justice Loan Repayment Program and Ohio Dental Loan Repayment Program
Oklahoma -- Oklahoma Medical Loan Repayment Program, Oklahoma Dental Loan Repayment Program and Physician/Community Match Loan
Oregon -- Health Care Provider Incentive Program and Oregon State Bar Loan Repayment Assistance Program
Pennsylvania -- Pennsylvania Primary Care Loan Repayment Program and Pennsylvania Bar Foundation – PA IOLTA Board Loan Repayment Assistance Program
Rhode Island -- Primary Care Practitioner Loan Forgiveness Program, Health Professional Loan Repayment Program, Nurse Educators Loan Forgiveness Program and The Wavemaker Fellowship
South Carolina -- Public Interest Law Loan Forgiveness Fund
South Dakota -- Delta Dental Loan Repayment for Service Program
Texas -- Border County Doctoral Faculty Education Loan Repayment Program, Loan Repayment Program for Speech-Language Pathologist and Audiologists, Nursing Faculty Loan Repayment Assistance Program, Physician Education Loan Repayment Program, St. David’s Foundation Public Health Corps Loan Repayment Program, Teach for Texas Loan Repayment Assistance Program, Texas Student Loan Repayment Assistance Program, Educational Loan Repayment Program for Attorneys Employed by the Office of the Attorney General and Texas Student Loan Repayment Assistance Program
Utah -- Rural Physician Loan Repayment Program (RPLRP)
Vermont -- Vermont Educational Loan Program for Primary Care Practitioners, Vermont Educational Loan Program for Nurses, Vermont Educational Loan Program for Dentists, Vermont Educational Loan Repayment for Nurse Educators/Faculty and Vermont Bar Foundation Loan Repayment Assistance Program
Virginia -- Virginia State Loan Repayment Program, Virginia Loan Forgiveness Program and LSC Loan Repayment Assistance Program
Washington -- Health Professional Loan Repayment Program
Wisconsin -- Health Professions Loan Assistance Program
Wyoming -- Wyoming Healthcare Professional Loan Repayment Program and Wyoming Veterinary Loan Repayment Program
The District of Columbia -- DC Health Professional Loan Repayment Program and District of Columbia Bar Foundation Loan Repayment Assistance Program
Just like you immersed yourself in the scholarship search as you headed into college, you can do the same for your student loan debt after graduation. Search for student loan discharge programs by your job or geographic location in order to pay off your student loans.
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