The article has been automatically translated into English by Google Translate from Russian and has not been edited.
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Bu məqalə Google Translate servisi vasitəsi ilə avtomatik olaraq rus dilindən azərbaycan dilinə tərcümə olunmuşdur. Bundan sonra mətn redaktə edilməmişdir.

One of the US states will help pay student loans in exchange for a move

In the summer of this year, it became known that the total student debt of US residents exceeded an incredible 1,5 billion dollars. Some Americans still pay their loans to study after decades after graduation from college. One of the US states offers to help repay excessive debts, but on one condition: you must move to this state.

Фото: Depositphotos

Maine annually attracts about 36 millions of tourists who are seduced by the beauty of the four seasons, from snow-white sandy beaches to world-class ski resorts, writes CNN. But in the northeastern part of the state, there seems to be a shortage of young people who could live and work there.

Officials have decided to offer an effective incentive: move to Maine, and the state will help you pay off student debts.

How the program works

The program started in 2008 year as a tool to retain young professionals already living in Maine. The Education Loan Tax Credits program is aimed at Maine college graduates and gives them the opportunity to use debt contributions as tax credits.

“Over time, the employer community has become clear and concise that even if 100% of Maine college graduates chose to stay here and work, it still wouldn't meet our workforce needs,” says Nate Wilds, director of private sector initiatives. sectors Live + Work.

So the program has become an attractive step for workers from other states.

When you move to Maine, the money you spend on paying student loan debt each year is deducted from your state income taxes.

For example, if you pay 1800 dollars for a loan and must pay another 2 000 dollars in taxes, you will end up paying the state of Maine for all 200 dollars.

“We need to import labor,” Wildes said. "We need to attract people from other states."

STEM professionals who study science, technology, engineering, and math may even get a check from the government - if their loan repayments outweigh their taxes. Non-STEM Professionals qualify for a non-refundable tax credit program, which means they owe the state $ 0 under the same scenario.

How the program helps employees

Matthew Glatz was a STEM specialist and graduated from the University of Southern Maine, receiving a bachelor's degree and owing 60 thousands of dollars in tuition. After graduation, Glatz did not waste time and signed up for a tax credit program. Now he owns his own catering company and cafe on wheels SaltBox Cafe, and since he works independently, he can effectively control loan repayments and repayments.

Most college graduates in Maine, he said, are well aware of the program - it is worth learning about it in other states as well.

“It's fantastic,” says Glatz. "Maine is a great place to live and work, it is an incentive that you have to show people and make them understand that it is beneficial."

Why should Maine attract workers

The state is leading in terms of the number of elderly people in the country. The median age in Maine is 44, which is five years older than that in any other part of the United States. Therefore, state legislators have decided that they need a way to attract young people to life and work in the state.

“This is a significant financial investment from the state, many millions of dollars,” said Wildes. "But we recognize that student loans are a huge financial and emotional burden."

“Message to Employees: We appreciate everything you have done to invest in yourself, and we would like this talent to work and reward you not only by having a job, but also by alleviating your student debt.”

Wildes understands what he is talking about - he himself moved to Maine in part because of this initiative.

“The tax credit program is the foundation that makes change easier,” he said. "She talks about the financial benefits as well as the culture of Maine."

According to him, this is the only program of this kind at the state level. As a rule, such proposals are strictly attached to individual schools or geographic areas.

“From that perspective, Maine is light-years ahead,” says Wildes. "This is by far the most common universal tax credit program in the United States."

Read also on ForumDaily:

What you need to know about education in the US

Seven important things about taxes in the United States that every immigrant should know

19 colleges, where two years of study are enough to earn $ 75 thousand per year

How to achieve a credit rating in 800 points: 8 steps

How to change the status if you come to the US and want to stay for a long time

Interesting observations about studying in the USA

Miscellaneous In the U.S. Maine student loans student loan
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