Paying down student loans can be a challenging process that can take 20 years or more.
While there are federal programs that can forgive your student loans after a set number of payments, qualifying for them can be difficult. Furthermore, individuals who have private student loans are ineligible for these programs.
States That Will Pay Off Student Loans
Many governments and towns provide student loan payback incentives to persons who engage in specialized public services, such as teaching and health care.
Kansas
If you relocate to one of Kansas’ 95 Rural Opportunity Zones, you may be eligible for up to $15,000 in student loan repayment help over five years. You must have a student loan balance and be a new resident of one of these selected areas to qualify.
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Maine
Maine provides student loan repayment assistance through the Opportunity Maine Tax Credit program. To be eligible, you must be a full-time resident of Maine, and there are additional restrictions based on the year you graduated.
Borrowers who meet the degree, graduation, and monthly loan payment requirements may be eligible for up to $25,000 in lifetime forgiveness, according to the information supplied.
Maryland
Maryland’s SmartBuy 3.0 program offers borrowers who wish to buy a home $5,000 in down payment help and student loan repayment aid. To join, you must have at least $1,000 in student debt. The program will pay down a student debt equal to 15% of the home’s purchase price, with a maximum payoff of $50,000.
Michigan
If you agree to work as a health care professional in a Michigan Health Professional Shortage Area, you may be eligible for up to $300,000 in tax-free student loan payback assistance through the Michigan State Loan payback Program.
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