Like lobster? What 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.
According to CNN
, “the northeasternmost 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 relocate to Maine, the money spent towards paying your student loan debt each year will be subtracted from your state income taxes.
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.
That means, as a simplified example, if you pay $1,000 towards your student loan, and you owe Maine $800 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.”
Maine’s program is the only statewide program of its kind. Comparable programs are mainly tied to individual schools or geographical areas.
The initiative was created as an investment in the state’s future in hopes to build the state’s young workforce through student loan debt relief incentives.
Sick of that student loan debt? It’s time to pack your bags and head to Maine – stat.
Learn more about the Opportunity Maine