Tax Credit for Iowa Graduates Staying in Iowa
The state of Iowa does not offer a tax credit for college graduates who choose to remain residents of the state of Iowa after they graduate. However, tuition forgiveness programs are sponsored for college graduates who remain residents of Iowa and choose certain professions.
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No Legislation
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During 2005, Republican legislators proposed several income tax initiatives in an attempt to provide a financial incentive for college graduates to remain Iowa residents after graduation. One of these proposals was to eliminate income tax for individuals younger than the age of 30. Legislators were concerned with the fact that many young professionals were leaving the state after graduation. However, the state of Iowa decided to forgo eliminating income tax for young professionals and has not enacted a tax credit for recent college graduates to stay in Iowa.
Loan Forgiveness for Educators
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In the past, the state of Iowa has offered tuition forgiveness for qualifying educators. The Iowa Student Loan Teacher Education Loan Forgiveness Program helped eliminate a portion of a college graduates student loan debt if they met certain requirements such as teaching in a qualified shortage area. This program was not accepting new applicants in 2011.
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Loan Forgiveness for Nurse Educators
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The Iowa Student Loan Nursing Education Loan Forgiveness Program also offered loan forgiveness assistance to qualifying nurse educators. This program was not accepting applicants as of September 2011.
Federal Loan Forgivness Programs
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Loan forgiveness might be available for qualifying teachers as part of federal programs such as the Stafford Loan Forgiveness Program for Teachers. In addition, Congress enacted a student loan forgiveness program in 2007 for public service employees. This program covers more than just teachers and educators, and allows those working at a public agency such as a state government agency or a public university to apply for loan forgiveness.
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References
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