State Sen. Curtis Hertel Jr., D-East Lansing, introduced a bill Wednesday that would provide tax credits for college graduates to help with the burden of higher education costs.

The bill, SB 57, could potentially become an incentive for students to stay in the state once graduated.

“An alarmingly high number of graduates of Michigan universities choose to leave our state and begin their lives somewhere else,” Hertel said in a statement. “This legislation would help ease the financial burden on our young people, and give them a reason to stay here and continue moving Michigan forward.”

Graduates who choose to stay in the state would be eligible to claim an income tax credit equal to the 50 percent of the amount paid on student loans during the tax year.

The graduate would need to present proof of residency, employment and payments made for the student loan.

State Rep. Andy Schor, D-Lansing, reintroduced a version of the same bill in the Michigan House of Representatives Wednesday as well.

“We need to convince the graduates — whether originally from Michigan or not — that Michigan is a great place to live, work, (sic) and play,” Schor said in a statement. “Providing $1,500 or so for five years shows them we are investing in them to help make Michigan a great place for the future.”

According to a statement sent by the legislators, the bill would provide tax credits regardless of whether or not Congress “comes to a consensus on student loan interest rates.”

“Talent attraction and retention is a bipartisan issue, and has been a priority for Democrats and Republicans alike,” Schor said. “I look forward to working with my colleagues on HB 4118 and moving it through the legislative process to Gov. Snyder for his signature.”

The bills are modeled after a similar program implemented in Maine, called Opportunity Maine.

According to The Institute for College Access and Success, the average student debt in Michigan is $29,583, and 46 percent of 2013 MSU graduates were left with an average debt of $25,821.