The Governor of Maine signed a bill this week that will assist graduates with paying off their student loans in exchange for staying in the state to work.

Augusta, ME -- (ReleaseWire) -- 07/09/2007 -- This week, Governor of Maine John E. Baldacci signed LD 1856, a bill that will allow college graduates tax credit for repayments on their student loans in exchange for their commitment to stay in the state to work.

Known as Opportunity Maine, this bill will assist graduates with paying off their student loan debt, which can be a huge burden on those entering the workforce and beginning careers. The hope is that Opportunity Maine will help strengthen Maine’s economy by keeping productive, well-educated citizens in the state. Statistics show that Maine has 30% fewer citizens with college degrees than the rest of the New England states and that its citizens make 30% less than those in the rest of the New England states, according to the Higher Education Washington, Inc., NewsLine.

According to a press release from the governor’s office, Governor Baldacci said, “Opportunity Maine is a prime example of the innovation and commitment that young people have to the state of Maine. Mainers love this state and want to stay here after graduation. That’s what this bill is all about. These are our future leaders, and we can’t afford to lose them.”

Approved unanimously by the state’s House last month and passed by a large margin in the Senate, this new bill will also benefit employers if they choose to pay off their employees’ student loans. Doing so will allow employers to receive tax credits, according to information in the NewsLine.

“This is a wise investment in our children’s future and our state’s economic future, and I believe it will pay huge dividends,” said Governor Baldacci.

EdFed is also doing its part to help graduates in every state manage their student loan debt. According to EdFed loan counselor Jennifer Munson, “EdFed has helped students all over the country save thousands of dollars over the life of their loans by consolidating their multiple student loans into one easy-to-manage loan.”

About EdFed:

As a leader in the student loan industry, EdFed is dedicated to helping students and graduates realize all of their educational goals and meet their student loan and consolidation needs.