Move To This State To Get Your Student Loans Paid Off
Sounds too good to be true, right? It's not. Here's the catch: It's not the most ideal place to live for young professionals. Wonderful to visit, yes, but, not the best if you're looking for a job quickly after graduation.
CNN published an article about Maine's Educational Opportunity Tax Credit. Apparently, it started out as a program only available to those students who already lived and went to school in the state.
It's purpose? To incentivize Maine's college grads to settle there in order to ensure the state would have enough young professionals to satisfy their workforce. The problem turned out to be, though, that even if 100% of college grads settle in and work in Maine, it still doesn't provide them with enough qualified people to sustain their workforce.
Solution? The program has now expanded! You, yes YOU, can now move to Maine in exchange for a student loan payout. Basically, the program will subtract your student loan spend from your income taxes every year. CNN uses this example: If you pay $1800 in student loans, but your income taxes come to $2000, you will be refunded the $1800, thereby only paying the state a total of $200.
Not a bad deal, right?
The unfortunate part about it is there's little to no industry in Maine. While the incentive is pretty sweet, there needs to be a way for these young professionals to earn a living, and a sustainable one at that.