It is no secret that one of the most common causes of debt in Louisiana and elsewhere is associated with college loans. College students in this state and beyond take out hefty loans with good intentions of paying them back shortly after graduating. However, more often than not, such plans are not fulfilled and many people are left financially struggling, sometimes for decades, because of their college loans, prompting them to seek immediate debt relief.
Debt relief is a high priority for many young adults, not just those who have recently graduated from college. High costs of living, low employment rates and numerous other daily living challenges make it increasingly difficult to stay afloat financially nowadays. In fact, households often contain two full-time breadwinners; yet, many such couples still have trouble making ends meet.
The state that is currently inviting college graduates to come there to live and work is Maine. The median age in that particular state is several years older than the rest of the nation. As a means for attracting more young adults to take up residence, Maine devised a program whereby student loan debt is forgiven through state tax liability. In other words, if a man or woman owes $2,000 in student loans and $3,000 in taxes, then the state will take only $1,000 of the money, with the rest going toward satisfaction of the college loan.
Various terms apply, and each incentive is based on individual circumstances, such as whether or not the person in debt attended college in Maine or another state, and what type of degree was earned. Those with STEM degrees can obtain more debt relief. Not every person in Louisiana can travel to Maine, however, so while such programs are helpful to some of the population, they don’t solve all financial crisis problems. Those in need of other options may want to discuss their situations with experienced debt relief attorneys, who can provide guidance and support for even the most complex situations.
