Deadline to apply for Maryland student loan debt relief tax credit on September 15
BALTIMORE -- The application deadline to be eligible for tax credits to help Marylanders pay off their student loans is fast approaching.
The application for the Maryland Higher Education Commission's 2023 Student Loan Debt Relief Tax Credit program closes on September 15 at 11:59 p.m.
The commission said $18 million in tax credits is available to Maryland residents filing their 2023 tax returns.
To be eligible, you must
- Claim Maryland residency for the 2023 tax year
- File 2023 Maryland state income taxes
- Have initially incurred at least $20,000 in undergraduate and/or graduate student loan debt
- Have at least $5,000 in outstanding student loan debt at the time of applying
Recipients of the tax credit will have to prove they used the full amount of the credit toward paying their student loans, or they will have to return the money to the state.
"Every eligible Maryland resident should take advantage of this opportunity," MHEC Acting Secretary Dr. Sanjay Rai said in a statement. "The minimal time it takes to fill out the application could allow for the maximum tax credit allowed, and that credit can be used to help pay off existing student loan debt."
Apply at the Maryland Higher Education Commission's website. The commission said the application takes 10-30 minutes to complete and costs nothing.
