Jhe deadline for Maryland residents to claim a student loan debt relief tax credit of up to $1,000 is just over two weeks away.
Eligible individuals have 16 days to apply for the tax credit intended to help Chesapeake Bay State residents who have taken out loans to pay for their college education. The deadline to apply is September 15.
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“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 the time is up,” Maryland Comptroller Peter Franchot said in a Southern Maryland Chronicle report. “Any way to reduce the cost of higher education is a big plus.”
To qualify for the tax credit, applicants must have filed income taxes in the state of Maryland and have accrued a student loan of at least $20,000 while maintaining $5,000 or more in outstanding debt. Completion of a college degree is not a requirement for credit.
Depending on the state, people who went to out-of-state institutions may have lower credits than those who went to colleges and universities in Maryland. The credit must be used to help with student loan debt, otherwise he or she may have to repay the credit.
According to the report, about 9,155 in-state residents received the credit in 2021, with people who attended in-state institutions receiving $1,067 in assistance and people who attended out-of-state institutions receiving $875. $.
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Credit applications and more information are available on the state website.