Maryland residents have one week to claim a student loan debt relief tax credit of up to $1,000.
The tax credit aims to help eligible residents who took out loans to pay for college. The deadline to apply is Sept. 15, and those seeking an application for the credit must visit the state’s website.
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Qualified applicants must have filed state income taxes in Maryland and have at least $20,000 in student loans while maintaining at least $5,000 or more in unpaid debt. Applicants do not need to have graduated from college to be eligible for the credit.
Applicants who went to out-of-state institutions may have smaller credits compared to those who went to colleges and universities in Maryland, according to the state. The credit must be used to help with student loan debt. Otherwise, a person may have to repay the 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,” said Maryland Comptroller Peter Franchot, per a report from the Southern Maryland Chronicle. “Any way to bring down the cost of higher education is a big benefit.”
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More than 40,000 people have benefited from the program since it began in 2017. In 2021, approximately 9,155 residents received the credit, with people who attended in-state institutions receiving $1,067 in financial relief and people who attended out-of-state institutions receiving $875, according to the report.
