The deadline for Maryland residents to claim a Student Loan Debt Relief Tax Credit of up to $1,000 is coming in less than three weeks.
Eligible Individuals have until Sept. 15 to apply for the tax credit, aimed at helping residents of the Chesapeake Bay state who took out loans to pay for college.
“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 their state income taxes and have amassed a student loan of at least $20,000 while maintaining $5,000 or more in unpaid debt. Graduation from college is not a requirement for the credit.
Individuals 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, or else the individual may have to repay the credit.
Approximately 9,155 state residents received the credit in 2021, with individuals who attended in-state institutions receiving $1,067 in relief and individuals who attended out-of-state institutions receiving $875, according to the report.
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Applications for the credit and further information are available on the state’s website.
