Becoming Eligible for Student Loan Relief, Your Path to Debt Assistance Through Home-ownership and State Programs
Exploring Home-ownership as a Path to Becoming Eligible for Student Loan Relief
Since March 2020, many students faced loan payment challenges, but there’s good news for those eligible for student loans, according to DC News Now. They’ll soon start repaying loans with added interest due to government debt-erasing roadblocks. Still, there’s hope.
Buying a house can be a lifeline for student loan relief, especially for those eligible for student loans. Some states help new homeowners pay off student loans. For instance, Kansas offers “Rural Opportunity Zones,” providing up to $15,000 over five years to fresh residents dealing with student debt.
Maine offers a $2,500 annual tax credit to those eligible for student loan relief. To qualify, you must have earned your degree after 2007 and lived in Maine with a certain income level during the tax year. These initiatives aim to ease the burden for those grappling with student debt.
Eligible for Student Loan? Check Out Maryland’s SmartBuy 3.0 Program
If you’re thinking about settling down on the East Coast, Maryland’s SmartBuy 3.0 program is here to lend a hand to folks who qualify for student loans and have at least $1,000 in student debt, according to the state’s Department of Housing and Community Development.. Here’s the scoop: through this program, you can secure financing to help chip away at up to 15% of your student debt, and the maximum assistance caps at $40,000.
Now, let’s say you’d prefer not to uproot your life and move. No need to fret! Many states have their own student debt relief programs, tailor-made especially for healthcare workers, educators, and individuals with legal degrees who are eligible for student loans. And here’s another nugget of information: the Biden administration is actively encouraging borrowers to dive into a brand-new federal repayment plan known as the SAVE Plan. This plan could potentially lead to monthly payments as low as $0, which can be a real game-changer for those eligible for student loans.