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Need help paying for college? Maryland offers tax credit

by DrewLUD
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As students return to colleges and universities — many for the first time in more than a year — COVID-19 lingers and continues to impact their collegiate experience. 

At the same time, another dilemma looms large for many students and their families: How to pay for that education.

As Maryland’s Comptroller, I want to make sure all taxpayers have the information they need to receive any tax relief possible. Maryland’s Student Loan Debt Relief Tax Credit can help save you money, but you need to act fast because the deadline to apply is Sept. 15.

The program, which is administered by the Maryland Higher Education Commission (MHEC), provides an income tax credit for Maryland residents making eligible undergraduate and/or graduate education payments on loans from an accredited college or university.

Maryland Comptroller Peter Franchot

These include loans obtained in pursuit of an associate, bachelor’s, master’s, professional graduate, doctoral or post-doctoral degrees.

To be eligible, you must also meet these criteria:

  • File 2021 Maryland state income taxes.
  • Have incurred at least $20,000 in undergraduate and/or graduate student loan debt.
  • Have at least $5,000 in outstanding student loan debt remaining when applying for the tax credit. 

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Source: GANNETT Syndication Service