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The September 15th deadline to be eligible for tax credits to help pay off your student loan debt is fast approaching!
The Maryland Higher Education Commission provides a Student Loan Debt Relief Tax Credit program for all Maryland residents. A total of $18 million in tax credits is available to Maryland residents filing their 2023 tax returns.
“Every eligible Maryland resident should take advantage of this opportunity,” said Maryland Higher Education Acting Secretary Dr. Sanjay Rai. “The minimal time it takes to fill out the application could allow for the maximum tax credit allowed, and that credit can be used to help pay off existing student loan debt.”
To be eligible, you must claim Maryland residency for the 2023 tax year, file 2023 Maryland state income taxes, have initially incurred at least $20,000 in undergraduate and/or graduate student loan debt, and have at least $5,000 in outstanding student loan debt at the time of applying for the tax credit.
The tax credit is for Maryland residents, and this year Maryland State employees with student loan debt will be given awarding priority.
Those who receive the tax credit will be required to prove they used the full amount of the tax credit towards the payment of their eligible student loans. Otherwise, the recipient will have to return the credit.