Blue-state conservative pilots pro-millennial plan: Buy a home, pay off college loans

States across the country are looking to craft policies that will attract millennials to buy homes, create businesses, and pay taxes. Well, Maryland’s Republican Governor may have made the best plan for anyone under 35 who wants purchase a house but still has student loan debt.

Gov. Larry Hogan (R-Md.) rolled out the Maryland Smart Buy on Thanksgiving week. The new program invests $10 million to allow people with student loans to buy homes and wipe out their debt at the same time, as reported by The Washington Post.

Home sales have been lagging in part because millennials have to grapple with student loan debt. In response, the Republican governor pushed forward a plan that would allow the state to cover 15 percent of a home buyer’s purchase.

For instance, if a millennial had $35,000 in student debt and wanted to buy a home worth $200,000, the state would cover 15 percent or $30,000 of the purchase. This plan would save buyers a significant amount of money that would have gone to paying their bills from college.

To be eligible, students need to have at least $1,000 of student debt and be in good standing on their loans. They must also be financed through the Maryland Mortgage Program, and stay in the home for at least five years to have the debt forgiven. They must also be purchasing a home owned by the state housing department.