4 states that will pay off your student loans for moving there
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4 states that will pay off your student loans for moving there
Paying off student loans can be a difficult journey, sometimes taking 20 years or more. While there are federal programs that will forgive your student loans after a certain number of payments, these can be hard to qualify for. Plus, borrowers with private student loans are not eligible for these programs.
Thankfully, there are other ways to find student loan forgiveness, including programs that pay off your loans if you move to a certain state.
States that will pay off student loans for moving there
Whether it’s to attract a younger population or stimulate the local economy, states have varying reasons for offering student loan forgiveness to new residents.
Before packing your bags, read the eligibility requirements to see if the program fits you. Sometimes you could get a significant portion of your debt forgiven.
If you are interested in moving but none of the states listed below interest you, see if there are state and city-sponsored student loan repayment assistance programs in an area you find more desirable. Many states and cities offer student loan repayment incentives specifically to people working in certain public services, such as in teaching and health care.
1. Kansas
If you move to one of 95 counties in Kansas designated as a Rural Opportunity Zone, you could be eligible for student loan repayment assistance of up to $15,000 over five years. To qualify, you must have a student loan balance in your name and be a new resident of one of these designated areas.
2. Maine
Maine offers student loan payment reimbursement through a program called the Opportunity Maine Tax Credit. You must be a full-time resident of Maine to be eligible, and there are other eligibility requirements based on the year you graduated. The program is currently undergoing an expansion and simplification overhaul, so some of the details are still being developed.
According to the released information, borrowers who meet the degree, graduation, and monthly loan payment requirements may be eligible to receive up to $25,000 in lifetime forgiveness.
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