The deadline for Maryland residents to claim a Student Loan Debt Relief Tax Credit of up to $1,000 is arriving in just over two weeks.
Those who are eligible have until Sept. 15 to apply for the tax credit, which is designed to help residents of the Chesapeake Bay state who took out student loans to pay for college.
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Qualified applicants must have filed their state income taxes and amassed student loans of at least $20,000 while maintaining $5,000 or more in unpaid debt. Graduation from a college or university is not a requirement for the tax credit.
“Going to college may seem out of reach for many Marylanders given the huge expense, but tax credits like these help make it possible. I urge everyone to apply now before time runs out,” Maryland Comptroller Peter Franchot told the Southern Maryland Chronicle. “Any way to bring down the cost of higher education is a big benefit.”
People who went to out-of-state colleges and universities may have smaller tax credits compared to those who went to institutions in Maryland, according to the state. The credit must be used to help with student loan debt, and if used for other purposes, the person may have to repay the credit.
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Approximately 9,155 state residents received the credit in 2021, with students who attended in-state institutions receiving about $1,067 in relief per taxpayer and those who attended out-of-state institutions receiving about $875 per taxpayer, according to a report.
Information about the program and applications for the tax credit is available on the state’s website.
