Many Connecticut residents and others around the nation are saddled with debt from student loans. Students frequently need funding to complete their educations and loans are often readily available. Unfortunately, it proves difficult for some to repay the loans after graduation while in entry-level jobs. A state senator in another state has suggested a way to provide debt relief to those struggling with student loan debt, while potentially boosting his area’s economy.
This New England state senator recognizes that his jurisdiction has an aging population, with many residents either already retired or nearing retirement age. His concern is that his state will soon face shortages in the workforce since it is difficult attract and retain employees. The senator’s recommendation is to offer incentives for individuals to come work in his state by relieving some of their student loan debt.
The national data shows that an average student owes roughly $30,000, with the total loan debt for the country at over $1.5 trillion. Starting a career with this amount of debt prevents graduates from purchasing homes or saving for retirement. There is a real risk for many to get involved with predatory lenders to attempt to lessen the debt. Rather than take this path, the senator would like to see around half of the student loan debt forgiven for those who come to work in Maine. In return, the recipient would pledge to live in the state and work there for a minimum of five years.
While this idea has not been implemented in Connecticut or any other state at this time, there are other avenues for debt relief. An experienced bankruptcy attorney can review a person’s situation and recommend a plan best suited to his or her needs. A knowledgeable lawyer will work with clients to ease their burden of debt and get their finances back in shape.