Jhe deadline for Marylanders to claim a student debt relief tax credit of up to $1,000 is approaching in less than two weeks.
Eligible residents of the Chesapeake Bay State have until September 15 to apply for the tax credit, which is intended to help people who have taken out student loans pay for their college or university education.
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Eligible applicants must have filed their income taxes and have amassed student loans of at least $20,000 while maintaining $5,000 or more in outstanding debt. Obtaining a college or university degree for which the person took out loans 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. said to Southern Maryland Chronicle. “Any way to reduce the cost of higher education is a big plus.”
Depending on the state, people who studied at out-of-state institutions may receive lower tax credits than those who went to colleges and universities in Maryland. The state also indicates that the tax credit must be used to help pay off student loan debt, if used for other purposes the individual 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 colleges and universities receiving about $1,067 in relief per taxpayer and those who attended out-of-state colleges and universities receiving about $875. $ per taxpayer, according to the report.
Information about the program and applying for the tax credit is available on the state website.