Maine is one of the major states in England. It falls under the areas of the Northeastern United States. It is the 12th smallest in the area and is densely populated.
Maine is providing the students of the state with student debt relief. The debt relief program is for graduate students who live or work in the polity.
Maine provides tax credits to the student loan borrowers for attracting fresh workers.
About $13.1 million was shelled out by the state government as tax credits to 7,290 student loan borrowers in 2016, more than 2014 which was around $6.7 million to 4,666 borrowers.
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Educational Opportunity Tax Credit
Maine's forgiveness program is also known as the Educational Opportunity Tax Credit. It was part of the plan which involved encouraging the people in the state after completing the college. This forgiveness plan is only available to the who reside and study here.
The program detail varies based on the year of graduation and the place of residing. This service is for all the citizens of Maine.
People from their state income tax liability subtract the total student loan payments across the year. So if one has taken a $2,000 student loan and paid $1,800 of the loans, Maine will just pay $200 of your loan.
The terms and conditions are more flexible for people with STEM degrees. Students from science, technology, engineering and mathematics streams can get it inspected from the state. Whether the paid amount of the student loans surpasses the state income tax liability for that year. For a better understanding, if a person paid $2,500 in student loans and but the person owe $2,000 in state income taxes, the rest of the amount of $500 will be received from Maine.
There are other student loan forgiveness plans which are provided by Maine to the people working in the state and to the people who completed their education in Maine.
List of other Maine Student Loan Forgiveness Programs
There are five student loan programs in which Maine provides student loan forgiveness. Maine’s forgiveness plans are restricted to the state of Maine and the students of Maine.
1) Educators for Maine
2) Maine Health Professions Loan Program Forgiveness
3) Maine Veterinary Medicine Loan Program Forgiveness
4) Maine Dental Education Loan Repayment Program
5) Maine Bar Foundation Loan Repayment Assistance Program
Educators for Maine
Educators for Maine (EFM) Loan Program is for the teachers, it is provided by Maine. The teaching staff is eligible to take loan forgiveness for every year. If the teacher is a full-time worker then Two years of loan worth may be forgiven for each year of service return. The amount to be forgiven is variable.
The people considered for this forgiveness plan are full-time teachers, speech pathologists, an employee of Maine public school and Maine private school. People accepted for tuition proposals at the elementary and secondary schools run by Maine. Graduates specialist with a valid teaching certificate or child care provider.
Two years of loan worth is forgiven for each year for a full-time teacher.
The maximum amount forgiven is approximately $17,500 or $5,000, depends on the subject they are teaching. You need to be highly qualified in any of the STEM subjects.
If the recipient has loans under both the Direct Loan Program and the FFEL Program, the combined maximum amount of both the program will be forgiven.
If you didn't teach STEM then there is a possibility that you will receive forgiveness up to $5,000.
1) The person taking advantage of this loan forgiveness program should be certified by the Maine Department of Education.
2) The candidate should be an employee of Maine public school or schools operated by Manie.
3) Worked as an employee as Maine's Graduates specialist with a valid teaching certificate.
4) The candidate should be a teacher at Manie public school, including all the specialized subject teacher and vocational teachers.
5) Child care providers must have proper Certification:
6) In Child development
7) Early childhood education
8) Early childhood development
9) In Health and human services for children
10) Special education of birth for five years
11) Programs determined by FAME
12) An employee in child care
Maine Health Professions Loan Program Forgiveness
In Maine Health Professions Loan forgiveness Program the forgiveness rate depends on the location and type of practice and population served. The amount to be forgiven is variable.
1) The candidate should have completed the Maine primary care residency.
2) The candidate should be a primary health care professional and should serve the unprivileged people.
3) Should have primary care anywhere in Maine.
4) It can be a Primary health care physician in a deficit area.
5) General dentists in a deficit area.
6) A physician practicing in an underserved locality.
7) Physicians serving an underserved group.
8) Veterinarians serving Maine civilians veterinary services.
9) Primary care practice in Maine.
Maine Veterinary Medicine Loan Program Forgiveness
It is for the candidates having veterinary medicine education before the 1st of January 2011. For the doctors with a postgraduate veterinary medical degree, the forgiveness program can forgive the loan fully or a portion of it. The forgiven amount is variable.
To be capable of receiving forgiveness loan to help pay the cost of enrolling in the program of Veterinary Medicine degree there are certain requirements.
1) Full-time Practicing veterinary medicine in the zone with insufficient veterinary services at least for 20 hours in a week.
Maine Dental Education Loan Repayment Program
It forgives the full or half of the dental education loan. The full debt is forgiven in some situations. This program was created to increase access to dental care for underserved populations in Maine. Up to 25% of the original indebt amount annually.
The candidates may get partial forgiveness on loan, based on a pro rata if they fulfill all the criteria but maintain the appropriate practice for less than a year.
Practicing in an unprivileged area and Serve all people even if they are not capable to pay.
The loan may be forgiven up to 25% of the original outstanding in debt.
Documents proving their participation in primary dental care in an unprivileged area.
The candidate must be Providing primary dental care
The candidate may accept payment through MaineCare
Should Offer a varying and affordable fee scale for unprivileged.
The service should be unlimited to patients and should not be based on the source of payment
Maine Bar Foundation Loan Repayment Assistance Program
Is to help Lawyers interested in public service to pay the law school debts.
Attorneys must be employed by participating in legal service providers.
All Lawyers should be employed in a non-profit organization in the application date in Maine.
Having the intent to give legal aid to the unprivileged.
The candidate with law school debt can apply for this forgiveness plan.
It may provide forgiveness to part-time attorneys based on pro-rates.
After getting employment contact FAME
It will then determine your eligibility for the loan forgiveness program
You have to submit a complete Annual Report of each year to Fame as it sends annual report annually every year.
Give valid documents that prove that you have done the course from eligible or considerable Maine institution or college.
Provide details about you have worked in the unprivileged area.
What loan programs are eligible for forgiveness?
There are five loans on which it gives the forgiveness program. They are the Educators for Maine, the Maine Health Professions Loan, the Maine Veterinary Medicine Loan, the Maine Dental Education Loan Repayment program, and the Maine Bar Foundation Loan Repayment Assistance. It also provides Educational Opportunity Tax Credit also known as Maine forgiveness program.
Do I get loan forgiveness under EFM?
It is for the teachers of Maine. If the teacher is a full-time worker then Two years of loan worth may be forgiven for each year. The amount to be forgiven is variable.
Is it important to serve the unprivileged area and people to be eligible for the Maine forgiveness program?
Yes, it is very important for a person who wants loan forgiveness to work for unprivileged people and areas.
From where can I apply for Maine loan forgiveness programs?
You can contact FAME for any loan relate queries and can check it online on the FAME’s website.
What is the benefit of the Educational Opportunity Tax Credit?
People from their state income tax liability subtract the total student loan payments over the year. So if the recipient has taken a student loan of $2,000 and paid $1,800, the rest of the amount $200 is paid by the govt.
Is Educational Opportunity Tax Credit available only for Maine state?
Yes, it is for the people who reside in Maine and have completed their education in the state.
Do the teachers need to be approved for Educators for Maine Loan?
Yes, all the teachers should be approved by the Maine Department of Education or they won\'t be considered as a teaching faculty.
Does the Maine Bar Foundation Loan Repayment program provide loan forgiveness?
Yes, The lawyers with law school debt are eligible for the forgiveness plan. It also provides loan forgiveness to part-time lawyers based on the pro-rates.
Up to what percentage can my loan be forgiven in Maine Dental Education Loan Repayment Program?
There is a chance that the loan may be forgiven up to 25% of the original outstanding debt that a student has.
Is it compulsory for the borrower to be educated in the state of Maine?
It is only for the people who reside in Manie and have completed their education in Maine.