JThe deadline for Maryland residents to apply for a student loan tax credit of up to $1,000 is coming up in less than three weeks.
Eligible people have until September 15 to apply for the tax credit, intended to help Chesapeake Bay State residents who have taken out loans to pay for their college education.
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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 their income taxes 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.
People who went to out-of-state institutions may have smaller credits than those who went to colleges and universities in Maryland, depending on the state. The credit must be used to help with student loan debt, otherwise the person may have to repay the credit.
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. according to the report.
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Credit applications and more information are available on the state website.