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Applications accepted for student loan debt tax credit

Posted at 12:04 AM, Aug 22, 2018
and last updated 2018-08-22 07:13:57-04

Applications are being accepted in Maryland for the 2018 Student Loan Debt Relief Tax Credit.

Maryland Higher Education Commission Secretary James Fielder made the announcement Monday.

This year, both undergraduate and graduate student debt is eligible for the tax credit. The application can be downloaded on Maryland Higher Education Commission’s website

The credit is available to taxpayers who have incurred at least $20,000 in student loan debt and have at least $5,000 in outstanding student loan debt remaining. Applications are due by Sept. 15. They must agree to pay the complete tax credit received into their outstanding loan balance within two years and provide a record of the payment.

The average college debt in Maryland is $27,455 per student.