People living in Maryland still have time to apply for a Student Loan Debt Relief Tax Credit that will give them up to $1,000.
Since July 1, the state of Maryland has been accepting applications for the tax credit, which is aimed at helping people in the state who took out loans to pay for college. Maryland will continue to accept more applications through Sept. 15.
“Since its launch in 2017, more than 40,600 residents have benefited from the Maryland Student Loan Debt Relief Tax Credit Program,” said Gov. Larry Hogan. “Programs such as this allow for greater opportunities for our students and expanded options to assist with student loan debt, especially during this time when people are being squeezed by higher costs.”
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Approximately 9,155 people living in the state received the credit in 2021, with people who attended in-state institutions receiving $1,067 in relief and those who attended out-of-state institutions receiving $875, according to the governor’s press release.
Eligible 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 college is not a requirement for the credit.
Additionally, the Maryland Higher Education Commission will prioritize tax credit recipients and dollar amounts based on taxpayers who did not receive a tax credit in a previous year, were eligible for in-state tuition, graduated from an institution of higher education located in Maryland, and have higher debt burden to income ratios.
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Applications will be available on the state’s website through the deadline.
