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The application deadline to be eligible for tax credits to help Marylanders pay off their student loans is quickly approaching.
The application for the Maryland Higher Education Commission’s 2023 Student Loan Debt Relief Tax Credit program closes on Friday, Sept. 15.
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The commission announced that $18 million in tax credits are available to Maryland residents filing their 2023 tax returns.
The following are the criteria for eligibility:
- 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.”
Click here for more information or to start the application.
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