On Aug. 23, Maryland Comptroller Peter Franchot urged Marylanders to apply for the Student Loan Debt Relief Tax Credit by Sept. 15.
“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,” Franchot said. “Any way to bring down the cost of higher education is a big benefit.”
The program, which is administered by the Maryland Higher Education Commission, provides an income tax credit for Maryland residents making eligible undergraduate and/or graduate education payments on loans from an accredited college or university.
To be eligible, you must claim Maryland residency for the 2022 tax year, file 2022 Maryland state income taxes, have incurred at least $20,000 in undergraduate and/or graduate student loan debt, and have at least $5,000 in outstanding student loan debt upon applying for the tax credit.
Read more here: https://content.govdelivery.com/accounts/MDCOMP/bulletins/329479d