Maryland Student Loan Debt Relief Tax Credit

Maryland Student Loan Debt Relief Tax Credit


Maryland Student Loan Debt Relief Tax Credit

Maryland Student Loan Debt Relief Tax Credit

There is nice information for Maryland residents who’ve excellent undergraduate student loan debt! The state is now providing, starting with the 2017 tax yr, a tax credit to people who’re making eligible undergraduate schooling loan funds on loans obtained to earn an undergraduate diploma (affiliate or bachelor’s) from an accredited school or college. Even higher, this tax credit is refundable. The most credit quantity rewarded will probably be $5,000 per yr, and any quantity of credit awarded to you should be used to pay your student loan debt inside two years.

In order to qualify for the Maryland tax credit you need to:

  1. Be a Maryland resident; and
  2. Have incurred no less than $20,000 (complete, cumulative) of undergraduate student loan debt; and
  3. Have no less than $5,000 excellent when submitting an utility.

The utility required for the credit should be submitted no later than SEPTEMBER 15 annually. The utility may be discovered on the Maryland Higher Education Commission website (http://mhec.maryland.gov/preparing/Pages/StudentLoanDebtReliefTaxCredit.aspx). You should submit the next documentation with the applying:

  1. Your full, official transcript from every undergraduate establishment that you simply attended.
  2. Documentation out of your lender(s) that reveals the tutorial loans that qualify for the credit (together with the identify, handle, and telephone variety of the lender(s); account quantity(s); unique steadiness(s); and excellent steadiness(s); and the individual(s) liable for compensation of the loan(s))
  3. A duplicate of your Maryland revenue tax return for the newest prior tax yr
READ:   2019 Guide to the AIU Class Action Lawsuit & Loan Forgiveness Program

The accomplished utility and supplementary info should be mailed to:

Maryland Higher Education Commission

Attn: Student Loan Debt Relief Tax Credit

6 North Liberty Street

Baltimore, MD 21201

The Maryland Higher Education Commission will certify, by December 15, the quantity of any tax credit (as much as $5,000) to people who utilized for it. This certification should then be connected to your Maryland revenue tax return to be able to take the credit.

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