Move to Maine, and they will help you pay off your student loans

Posted by West + Main Homes on Sunday, October 28th, 2018 at 9:46am.

Maine draws about 36 million tourists each year with four seasons' worth of enticements, from white sandy beaches to world-class skiing.

But 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.

How the program workS

The program started in 2008 as a retention tool for young professionals already living in Maine. The Educational Opportunity Tax Credit program targeted Maine college grads and allowed them to use their loan payments as tax credits.
"Over time, the employer community spoke out loud and clear that even if 100% of college graduates in Maine chose to stay here and work, that still (wouldn't) fulfill our workforce need," Nate Wildes, engagement director for the private-sector initiative Live + Work in Maine, told CNN.
So, the program grew into an attractive pitch for out-of-state employees.
When you move to Maine, the money you spend toward paying your student loan debt each year is subtracted from your state income taxes.
For instance, if you pay $1,800 toward your loan and owe the state $2,000 in taxes, you'll only end up paying Maine $200.
"We need to import people," Wildes said. "We need to attract people from other states for our workforce."
STEM majors -- 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.

How the program helps

Matthew Glatz was a STEM major when he graduated with a bachelor's degree from the University of Southern Maine. He was also $60,000 deep in student loans, he told CNN.
After graduation, Glatz wasted no time to sign up for the tax credit program, he said. He now owns his own catering and food truck company, SaltBox Cafe, and since he's self-employed, has greater control of his student loan payments and refund amounts.
Most college graduates in Maine, he said, are well aware of the program -- and more people out of the state need to find out.
"It's fantastic," Glatz said. "Maine is a great place to live and work, and any incentive you have to show people that and make them realize that is a benefit."
Read more about this program on CNN.com

If you are considering making a move, we are here to help. Reach out.

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