The Democratic-endorsed candidate for state Tax Commissioner says the state should be helping college graduates and not making a profit off of them. Jason Astrup is proposing the state create an income tax credit for interest paid on student loans from the Bank of North Dakota. Astrup says by doing so, the state legislature could help reign in the cost of higher education and help those bearing the burden of the increased costs…
“…Our state should not be making a profit off of our graduates and instead should be helping them. We all agree that we want a highly educated workforce and it’s about time we do more to help get our employers the educated and trained workers they want and need. As far as the details, I am proposing this credit not be capped or limited like the student loan interest deductions are on the federal level. If you pay the interest, you should get the credit for doing so.”
Astrup says the average student has a $27,000 dollar debt load at graduation. He says not only would the tax credit be a benefit to the student, it could also serve as a recruitment and retention tool to help keep graduates in North Dakota.
