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Quick Guide: Maryland Student Loan Debt Relief Tax Credit

Quick Guide: Maryland Student Loan Debt Relief Tax Credit

High Net Worth Families

There's good news for Maryland residents who have incurred at least $20,000 in undergraduate and/or graduate student loan debt: you may be eligible for a Maryland tax credit.

Am I Eligible for the Credit?

To be eligible for the Student Loan Debt Relief Tax Credit, you must:

  1. Maintain Maryland residency for the 2020 tax year;
  2. Have incurred at least $20,000 in undergraduate and/or graduate student loan debt;
  3. Have at least $5,000 in outstanding student loan debt remaining when applying for the tax credit;
  4. Have completed and submitted an application to the Maryland Higher Education Commission by September 15, 2020; and
  5. Have submitted all required graduate and/or undergraduate student loan information, including Maryland income tax information and college transcripts

How Much Is the Credit Worth?

The credit can be worth up to $5,000. With that money saved on your Maryland taxes, you must use the credited amount to pay down your student loan debts in either a one-time payment or through monthly payments during the two year period after the credit has been awarded.

How Do I Apply?

To apply, you must submit an application to the Maryland Higher Education Commission by September 15, 2020. Note that you must include a copy of your undergraduate and/or graduate transcripts for the loan years in which you incurred the debts.

To apply online, click here and look for the blue "Apply Online" button.

To download a copy of the application, click here

Need Help?

There's a list of frequently asked questions hereContact us online or call 800.899.4623.

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Published on August 27, 2020