The deadline for Marylanders to claim the Student Loan Debt Relief Tax Credit worth up to $1,000 is fast-approaching.
Eligible residents have until Sept. 15 to apply for the credit, which is aimed at easing the financial toll of going to college. To qualify, applicants must have filed their 2022 Maryland state income taxes and have amassed a student loan of at least $20,000 while maintaining $5,000 or more in unpaid debt.
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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, according to a Southern Maryland Chronicle report. “Any way to bring down the cost of higher education is a big benefit.”
Students are not required to have graduated to receive the credit, and people who went to an out-of-state college or university may receive a smaller credit than those who attended an in-state institution.
The credit must be used to alleviate student loan debt — otherwise, they may have to repay it.
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Last year, approximately 9,155 Marylanders received the credit, with in-state attendees garnering $1,067 in relief and out-of-state attendees receiving $875, according to the report.
Prospective applicants can apply for the credit on the state’s website.
