Senate gives initial support to bolster student loan debt relief program
AUGUSTA — In a preliminary vote on Monday, The Maine Senate gave unanimous support to a bill that will fight the “brain drain” by expanding eligibility for Maine’s landmark student debt relief program to more college graduates.
The bill, LD 1657, is jointly sponsored by Gov. Paul LePage and Senate Democratic Leader Justin Alfond of Portland. It will allow more students to claim the Educational Opportunity Tax Credit, or EOTC, which has helped thousands of Mainers get their education, stay in Maine, and pay off their student debt. It also expands the credit businesses may claim for helping their eligible employees pay their loans.
“The EOTC is the state’s first and best recourse for supporting a skilled, educated workforce in our state,” said Sen. Alfond, who spearheaded the EOTC’s creation in 2008. “By expanding eligibility, we open the door to keep more young people in our state. Retaining a skilled workforce within our state’s borders will make Maine more attractive to business and support our economy. This bill is a win-win for Maine students and businesses alike.”
The bill is one of three co-sponsored by Gov. LePage and Sen. Alfond. The other two bills, which create and fund a STEM education loan through the Finance Authority of Maine, await initial votes in the Senate.
LD 1657 faces further votes in the House and Senate.
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