Maryland residents who are seeking to file a claim for up to $1,000 in student loan debt relief tax credits have just five days left to submit their paperwork.
The deadline to submit an application is Sept. 15, after which the state will close the portal. The tax credit is intended to help eligible residents who took out student loans to pay for their college tuition, and the tax credits will be available even if the applicant did not graduate."Going to college may seem out of reach for many Marylanders given the huge expense, but tax credits like these help make it possible.
To become eligible, residents must have claimed Maryland residency on their 2022 tax filings and have incurred at least $20,000 in student loans from either an undergraduate or graduate program with at least $5,000 in outstanding debt at the time of the application, according to the state.
Maryland residents who did not attend a state school may still be eligible for relief, but they may not receive as large a tax credit.Those who receive relief may be asked to prove they used the full amount of the tax credit to go toward their student loan payments; otherwise, they may be asked to repay the credit.
Applicants who partake in President Joe Biden's student loan forgiveness offer can still apply for this tax credit as long as they still meet the requirements, the Maryland Higher Education Commission told the Washington Examiner.
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