by Asher Notheis, Breaking News Reporter |
| September 06, 2022 10:49 AM
Maryland residents have only a little more than a week to claim a Student Loan Debt Relief Tax Credit of up to $1,000.
Eligible people living in the state have until Sept. 15 to apply for the tax credit intended to help people in Maryland who took out student loans to pay for college.
“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,” Maryland Comptroller Peter Franchot said in a Southern Maryland Chronicle report. “Any way to bring down the cost of higher education is a big benefit.”
People who went to out-of-state schools may have smaller credits compared to those who went to colleges and universities within Maryland, according to the state. The credit must be used to help with student loan debt. Otherwise, a recipient may have to repay the credit.
In order to qualify for the tax credit, applicants must have filed state income taxes in Maryland and amassed a student loan of at least $20,000 while maintaining $5,000 or more in unpaid debt. Whether or not a person graduated from college is not a requirement for the credit.
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