These Are The States That Will Pay Off Your Student Loans If You Buy A Home There
My student loans are going to be the death of me.
It just seems like they go on and on, and I can’t see a light at the end of the student loan tunnel.
Check this out: if you have student loans debt that seems like it’s never going to end, there are certain states offering student loan repayment assistance.
Did you get that? They will pay off part of your student loan!
How do you get this assistance?
You just have to purchase a home, and become a resident of the state.
Some state mortgage programs are offering borrowers thousands of dollars in student debt relief in hopes of luring new homebuyers and increasing homeownership rates among people with low and moderate incomes.
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So, the big question is, which states are offering student loan assistance to homeowners?
Illinois
Illinois leads the pack by offering up to $40K in student loan repayment if you are willing to move to the state.
They have what’s called the SmartBuy program, and it is specifically designed to help new homeowners in the state pay off their student loans.
The Illinois program requires you to live in the house, which must be your primary residence, for at least three years; otherwise, you may have to pay back some of the assistance. There’s also a cap on household income and a maximum limit on the purchase price of the home.
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There is a huge catch, however — borrowers must be immediately able to pay off the balance of their student loan should the $40K not be enough to cover the whole thing.
They don’t allow partial repayments.
One other caveat is that your credit score needs to be AT LEAST 640.
Texas
Texas offers student loan assistance to those who decide to use that college degree for certain professions.
For instance, they offer up to $2,500 in student loan repayment for up to 5 years to people who become teachers and work in select districts in the state.
Kansas
If you are willing to live in one of the rural areas of Kansas, the state offers a student loan repayment of up to $15,000.
Iowa
Iowa is targeting teachers and healthcare workers for student loan repayment assistance, especially if they work in one of the high-need, rural areas of the state.
(There are) several programs that help with student loan debt. Doctors who practice in rural sections of the state, for example, can qualify for up to $40,000 in annual loan repayment assistance for up to five years.
Yahoo Finance
Maryland
Like Illinois, Maryland has a SmartBuy program that offers assistance in paying off student loan debt for those who decide to purchase a home in the state.
The state provides up to 15% of a home’s purchase price so a borrower can pay off outstanding student debt, with a maximum payoff of $30,000.
Yahoo Finance
Also like Illinois, if the $30,000 assistance doesn’t cover the entire student loan, the homeowner must be able to pay off the balance of their student loan at the time the home is purchased.
