Such as lobster? Puddle boots? the outside world? How about paying off your college loans? If you relocate to the state of Maine, you can have it all. Yes, as of last year, Maine is ready to assist you in paying off your student loan debt.
The most northeastern US state, according to CNN, “can’t seem to attract enough young people to relocate there. In order to encourage people to move to Maine, officials have come up with the best incentive: they’ll help you pay off your school loans.
The money used each year to pay off your student loan debt (whether it is made up of federal loans, private student loans, or a mix of both) will be deducted from your state income taxes when you move to Maine. According to Student Loan Hero, a college graduate has an average student loan debt of $29,800. Imagine having all of that destroyed just because you relocated to Maine.
As a tax break for young professionals who were already residing in Maine, the program started in 2008. College graduates from Maine were able to claim their loan payments as tax credits under the initial scheme, the Educational Opportunity Tax Credit program. Now Opportunity Maine is open to anyone who wants to relocate and work full time — or part time
Using a simplified example, this means that you will only have to pay the state of Maine $200 if you pay $800 toward your outstanding student loan and $1,000 in taxes.
Note that STEM majors have considerably greater potential. According to CNN, students studying “science, technology, engineering, and math” may even receive a check from the government if the amount of their loan repayments exceeds their tax obligations. Non-STEM majors qualify for a non-refundable tax credit scheme, thus in the same case, they would owe no state taxes.