Maine has one of the oldest populations in the United States, with the median age hovering around 43. Due to the lack of a youthful population, Maine has been facing shortages in its workforce. The steadfast population is getting too old to meet companies’ current work quotas. In an effort to coerce younger people to come and live in Maine, the state has begun offering the one thing no fresh college graduate can resist: student loan aid.
The Educational Opportunity Tax Credit will give loan aid to anyone who lives and works in Maine and graduated from college after 2016. Graduates are able to subtract their student loan payments over a year from their state income tax liability. The Maine government has paid for over $13 million in tax credits to allow this to happen. The credit is more generous toward those in practical fields like mathematics, science, and engineering. “The fact that you have debt and the fact that you’ve graduated indicate you have something to offer to the economy,” said Nate Wiles, director of the credit’s PR campaign.
