NEW YORK, April 19, 2023 (Newswire.com) - Credello: If you need cash to pay for college, you can get it in different ways. You might look into loans you can get without a bank account. Perhaps you'll get a loan from the federal government, or you may go through a private lender instead.
However you get the money you need, if you graduate years later and find you're struggling to pay back what you borrowed, you might want to know about states that will pay off your student loans. There are several out there, though you'll have to move to that state to qualify for one of these programs.
Let's look at four states that will pay off your student loans and the details of each of these programs.
Michigan is up first. If you move there with student loans and agree to work in a Health Professional Shortage Area as a healthcare provider, you can receive up to $300,000 in tax-free student loan repayments.
The Michigan State Loan Repayment Program is the name of this repayment assistance plan. To qualify for the full repayment amount, though, you must work in the program for at least two years.
There are a total of 95 Kansas counties that the state has designated Rural Opportunity Zones. If you move to one of them and stay there for at least five years, you might be eligible for loan repayment assistance up to $15,000. That's not as generous as Michigan's program, but the program's rules are not as rigid.
To qualify, you have to show a student loan balance in your name and prove that you're a new resident living in one of the designated areas.
Maryland has something called the SmartBuy 3.0 Program. If you want to purchase a house there, you can get student loan repayment and down payment assistance.
To participate, you must have student debt totaling at least $1,000. The program pays off student loan debt amounts that are equal to 15% of the home's cost, with $50,000 being the maximum payoff amount.
Maine is the fourth state that will give you a break on your student loans. Their program is called the Opportunity Maine Tax Credit.
Full-time state residents are eligible. Based on what year you graduated, there are some other requirements as well. The details are still being worked out, as the program is in the midst of a simplification and expansion process.
If you meet the monthly loan payment requirements, you got one of the degrees the program designates, and you graduated at a time that meets the program specifications, you can get lifetime loan forgiveness totaling up to $25,000.
Should You Move to One of These States?
Moving to one of these four states might seem like a smart move in some instances. Any time you can get some help paying back your student loans, it's at least worth investigating.
Remember that before you commit to moving to one of these states, you should learn as many details about the program as you can. Uprooting yourself and moving to a new state is an enormous life change. You should feel confident you can take advantage of one of these programs before you start making any serious plans.
If you feel like one of these states is attractive and you meet the qualifications of one of the programs we mentioned, there's no reason not to move forward. Getting out from under those student loans should be a huge relief, and any assistance you can get will potentially make a huge difference in your life.
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Original Source: Credello: These 4 States Will Pay Off Your Student Loans, but You Have to Move There