24.2 C
Accra
Thursday, July 18, 2024

4 States That Will Pay Off Your Student Loan Debt If You Move To Stay There

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.

Read Also 4 Best Options To Buy College Textbooks At Relatively Lower Cost or No Cost

10 Most Affordable Private Colleges In The United States That Are Backed By Financial Aid Packages

10 Cities That Pays You To Relocate: Live Where You’re Paid To Live – Discover Places That Pays You To Call Home!

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%.

Read Also 28 Fully-Funded Scholarships In The United States For International Students Who Wish To Study In The US

Disclaimer
Read More…

Smart Financial Goals: 5 Best Ways To Achieve Your Financial Goals

90/10 Retirement Strategy: How To Save Enough Money For Retirement

Which Bank Is The Best For Student Loans? Here Are 6 Best Banks That Offers Student Loans!

Thomas Goodmanhttps://www.talkfinance24.com
Thomas Goodman is a Degree Holder, a prolific Personal Finance writer and Expert. His work has been recognized by Millions of people round the world and the United States precisely. He has since over a decade, helped people to manage and gain full control over their finances through his adequate and concrete write-ups. His Goal is to inform and educate people worldwide on Personal Finance, Budgeting, Banking and Finance, Career Planning and Savings. He loves to Educate people to attain their financial freedom. Reach out to Him personally on [email protected]

Related Articles

Fully Funded || Women for Africa Foundation Learn Africa Scholarship Program 2024/2025 – Apply Now

Women for Africa Foundation Learn Africa Scholarship Program 2024/2025 for Young African Women Applications are currently being accepted for the Women for Africa Foundation Learn...

Fully Funded || Stanford University Knight-Hennessy Scholars Fellowship Program 2025 Cohort – Study In US

Stanford University Knight-Hennessy Scholars Fellowship Program 2025 Cohort The Knight-Hennessy Scholars program annually identifies a group of up to 100 high-achieving students worldwide, demonstrating leadership...

Fully Funded || University of Western Australia Global Excellence Scholarship 2024 – Apply Now

University of Western Australia Global Excellence Scholarship 2024 The University of Western Australia Global Excellence Scholarship Program 2024 presents an enticing opportunity for students worldwide...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

0FansLike
2,815FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Fully Funded || Women for Africa Foundation Learn Africa Scholarship Program 2024/2025 – Apply Now

Women for Africa Foundation Learn Africa Scholarship Program 2024/2025 for Young African Women Applications are currently being accepted for the Women for Africa Foundation Learn...

Fully Funded || Stanford University Knight-Hennessy Scholars Fellowship Program 2025 Cohort – Study In US

Stanford University Knight-Hennessy Scholars Fellowship Program 2025 Cohort The Knight-Hennessy Scholars program annually identifies a group of up to 100 high-achieving students worldwide, demonstrating leadership...

Fully Funded || University of Western Australia Global Excellence Scholarship 2024 – Apply Now

University of Western Australia Global Excellence Scholarship 2024 The University of Western Australia Global Excellence Scholarship Program 2024 presents an enticing opportunity for students worldwide...

Griffith University Scholarships 2024 In Australia |Fully Funded

Griffith University Scholarships 2024 In Australia |Fully Funded Are you looking to pursue higher education in Australia? Explore the enticing opportunities offered by Griffith University...

Fully Funded | Google Generation Scholarship 2024 – Apply Now

Generation Google Scholarship 2024/2025 Looking for a scholarship to support your studies? The Generation Google Scholarship might be the answer. Build your future with Google's...