People living in the state of Maryland have just a few days left to apply for a Student Loan Debt Relief Tax Credit giving them up to $1,000.
The credit, which has a deadline of Sept. 15 for applications, is intended to help eligible people living in the state who took out student loans to pay for college. Even if an applicant did not graduate college, he or she can still be eligible for the tax credit.
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“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 said in a Southern Maryland Chronicle report. “Any way to bring down the cost of higher education is a big benefit.”
To qualify for the tax credit, applicants must have filed state income taxes in Maryland and amassed a student loan of at least $20,000 while maintaining $5,000 or more in unpaid debt. Applicants who partake in President Joe Biden’s student loan forgiveness offer can still apply for this tax credit as long as they still meet the requirements, the Maryland Higher Education Commission told the Washington Examiner.
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Residents who went to out-of-state schools may be given smaller credits compared to those who went to colleges and universities within Maryland, according to the state. The credit must be used to help with student loan debt, or a recipient may have to repay the credit.
