4 States That Pay Off Student Loans If You Move There
In this article, you will be taken through how to get your student loan forgiven in four US states that pay off student loans if you move there as a resident. The Supreme Court will now decide if President Biden’s expansive federal student loan forgiveness program is legal, so borrowers must wait to find out whether they must start making payments again when the current loan suspension extension expires 60 days after June 30, 2023.
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It’s easy to overlook the myriad loan forgiveness, cancellation, and discharge alternatives the federal government already provides in the commotion around opposing Biden’s plan (Public Service Loan Repayment Forgiveness, Teacher Loan Forgiveness, Perkins Loan Cancellation, income-driven repayment plans, etc.).
Many states—but not all—offer various student debt repayment help programs. These initiatives seek to attract and keep talented personnel in the professions of law, education, and health care. Yet, there are some states that pay off student loans, using the cancellation of outstanding student loan debt as an incentive to draw new residents to their cities and towns.
The following some of the states that pay off student loans and currently have programs in place that will pay your student loans if you decide to move there.
4 States That Pay Off Student Loans If You Move There
1. Illinois
One of the states that pay off student loans for it’s residents is Illinois. Illinois has created programs to encourage teachers, nurses and state and public offenders to maintain their careers by paying off parts of their outstanding student loans. However, as Forbes reported, its Smart Buy home buying program “may provide real, meaningful assistance to borrowers who are struggling with student loan debt and cannot purchase a home as a result.”
Although there are income limits and other conditions, the program will pay off a student loan balance of 15% of the home purchase price — up to $40,000 — for new homebuying borrowers (second homes are not eligible).
2. Kansas
The Rural Opportunity Zones Student Loans Repayment Program (ROZ) is currently open for enrollment and provides income tax waivers for up to five years or student loan repayments up to $15,000 for new full-time Kansas residents living in one of the state’s designated and participating rural counties.
3. Maine
Residents of Maine who meet certain graduation requirements may be eligible to receive up to $25,000 in lifetime student loan forgiveness through the Maine Opportunity Tax Credit. For those with an associate or bachelor’s degree, it must have been in Maine from 2007-2015 or anywhere in the United States after 2015. For those with a graduate degrees, it must have been earned at a Maine school after 2015.
How To Qualify For The Credit
√Be a full-time Maine Resident
√Work in Maine for at least 9 months
4. Maryland
Maryland is also one of the states that pay off student loans for it’s residents. Through its SmartBuy 3.0 program, Maryland gives homebuyers the opportunity to purchase any eligible Maryland Mortgage Program while paying off student debt, up to 15% of the home purchase price for the borrower to pay off their outstanding student debt with a maximum payoff amount of $50,000. Homebuyers wishing to take advantage of this assistance/forgiveness program require a down payment of at least 5%.
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