Posted in Maine October 31, 2018 by

If You Have College Debt You’ll Want To Move To Maine – Here’s Why

There’s good news and there’s bad news. The bad news? Higher education costs more than ever before. The average tuition for a private nonprofit four-year university has increased almost 130% since 1988, making it unaffordable to many and leaving young people with a lifetime of debt. But there’s good news! Maine recently launched a program making it easier to pay off those college loans…if you make the move to Vacationland! Here’s what you need to know:

With a median age of about 44, Maine has one of the oldest populations in America. Despite beautiful summers and epic winters for snow lovers, it's been hard to attract young people to stay here or move here.
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In 2008, in an effort to keep young Mainers here, the state created the Educational Opportunity Tax Credit allowing Maine college students to use college loan payments as tax credits.
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While this helped, it was clear that something larger needed to be done to attract young people to the local work force.
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Enter the Opportunity Maine Tax Credit! The program reimburses student loan payments for college graduates who graduated after 2008 and live and work in Maine even if they didn't graduate from a local institution.
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This means that your college loan payment can be used to offset your Maine taxes.
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Owe $1,000 for your student loan and $800 in taxes to Maine? You pay just $200 to the state.
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STEM majors, those with a degree in science, technology, engineering and math, have an even sweeter deal. They get reimbursed by the government if their student loan payments are more than what they owe in state taxes.
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This could be a great way to lure a young, smart and enthusiastic workforce to the state, while keeping local businesses and the economy thriving.
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Of course, there are more details and intricacies to keep in mind here. The year in which you graduated can impact the exact scenario you find yourself in so you’ll want to be sure to read the details. They’re fairly easy to understand on the Live + Work In Maine website. To take advantage of the program you’ll need to complete and submit the Educational Opportunity Tax Credit Worksheet when you file your Maine income tax return. You can find all the relevant details here.

As you consider your move to Maine, here are 17 things that might surprise you upon arrival. Get ready!