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July 5, 2007

Hoping to Retain Graduates, Maine Helps With Loan Costs

Katie Zezima:

Seeking to discourage Maine college graduates from leaving the state, Gov. John Baldacci signed a bill Monday giving tax credits to lower the cost of student loans for those who stay in the state.

The program, called Opportunity Maine, starts in January and will apply only to new loans. The tax credit will last 10 years, or until the recipient moves out of state.

“This is about our generation helping the next one,” Mr. Baldacci, a Democrat, said in a statement. “We’re telling our students, If you live, work and pay taxes in Maine, you’re not going to have this student debt hanging around your neck.”

The tax credits will be capped at $2,100 a year, about the cost of taking 10 credits at the Orono campus of the University of Maine, not including fees.

Posted by Jim Zellmer at July 5, 2007 12:12 PM
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