In what I predict to be a trend for states in order to bring in more residents and keep graduates in their state, Maine is also offering student loan forgiveness.
Maine is providing tax credits to student loan borrowers and in 2016, Maine provided $13.1 million in tax credits to 7,290 student loan borrowers with their Educational Opportunity Tax Credit program.
In part, student loan payments made are deducted from the state income tax. Thus, if you owe $5,000 in taxes to the state of Maine, but paid back $4,000 in student loans payments that year, the difference is what is paid to the state in taxes.
Under some circumstances, if you paid back more in student loans than the state tax liability, a credit is issued.
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