JThe deadline for Maryland residents to claim a student loan debt relief tax credit of up to $1,000 is just over two weeks away.
Those who are eligible have until Sept. 15 to apply for the tax credit, which is designed to help Chesapeake Bay State residents who have taken out student loans to pay for their college education.
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Qualified applicants must have filed their income taxes and accumulated student loans of at least $20,000 while maintaining $5,000 or more in outstanding debt. Completion of a college or university degree is not a requirement for the tax credit.
“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. say it Southern Maryland Chronicle. “Any way to reduce the cost of higher education is a big plus.”
Depending on the state, people who went to out-of-state colleges and universities may receive lower tax credits than those who went to institutions in Maryland. The credit must be used to help with student loan debt, and if used for other purposes, the person may have to repay the credit.
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About 9,155 in-state residents received the credit in 2021, with students who attended in-state institutions receiving about $1,067 in relief per taxpayer and those who attended out-of-state institutions receiving about $875 per taxpayer, according to a report.
Information on the program and tax credit applications are available on the state website.