Graduates struggling to pay off their student loan debts have been given a very scenic way to ease the burden of repayment.
The state of Maine is offering to give you money toward your debt payments if, as a grad, you decide to move there.
The New England region currently maintains the highest median age in the United States at 44 years old. So, as a means of coaxing more young people into the workforce, legislators expanded their tax credit exchange program to include out-of-state students.
The Educational Opportunity Tax Credit program was first created in 2008 in order to deter young grads from moving away. The credit is also available to anyone who employs qualified graduates.
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The credit works by offering a tax credit for the amount of money that a resident pays towards their student loans – so if a young grad makes a $1,800 payment towards their debt, then that exact dollar amount is subtracted from money owed for state income taxes. Better yet, students who majored in science, mathematics, engineering, or technology can be exempt from paying state taxes altogether.
The successful program could only add a limited number of graduates to the workforce, so legislators decided to make it available to graduates across the country as well.
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“This is a substantial financial investment by the state, many millions of dollars,” Nate Wildes, engagement director for the employment initiative, told CNN. “We recognize that SMS loans are a big financial and emotional burden.”
“The message to employees is: We appreciate all you’ve done to invest in yourself, we’d like to put that talent to work and award you by not only giving you a job but by alleviating your student debt,” he added.
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Kudos to Maine. We do not support our college students. Instead we punish them for pursuing their education to make this country better. We burden them with student loans that they cannot afford.