Franchot encourages Marylanders to apply for student loan tax credit

BALTIMORE -- Maryland Comptroller Peter Franchot is urging Marylanders paying off student loans to apply for a 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 time runs out," Franchot said. "Any way to bring down the cost of higher education is a big benefit."

Residents have until Sept. 15 to submit an application for Tax Year 2022. Marylanders are eligible of they file their taxes, have incurred at least $20,000 in student loan debt and have at least $5,000 in outstanding student loan debt.

The program provides an income tax credit to residents making payments on loans from an accredited college or university. 

More than $40 million has been distributed through the program since it began in 2017. 

Franchot's announcement comes as the current pause on federal student loan payments will expire a week from tomorrow.