ANNAPOLIS, Md. — More than 9,000 Maryland residents with student loan debt are being awarded tax credits.
Governor Larry Hogan and Maryland Higher Education Commission (MHEC) Secretary Dr. James D. Fielder announced the awarding of nearly $9 million in tax credits for 9,600 Maryland residents with student loan debt.
“It is critical that we look for ways to help those in our state crippled by student loan debt,” Governor Hogan said. “This program helps Maryland taxpayers pay off student debt, while remaining in the workforce and having a positive impact on the state economy.”
There were 9,600 applicants who were eligible for the Student Loan Debt Relief Tax Credit. The tax credits were divided into two groups of eligibility, including Maryland residents who attended a Maryland institution and Maryland residents who attended an out-of-state institution.
There were 6,331 eligible applicants who attended in-state institutions and will each receive $1,000 in tax credits, while 3,269 eligible applicants who attended out-of-state institutions will each receive $813 each in tax credits.
Last year, MHEC awarded 9,484 Maryland residents the Student Loan Debt Relief Tax Credit. 5,238 applicants who attended an in-state institution received $1,000 each in tax credits and 4,246 applicants who attended an out-of-state institution received $883 each in tax credits.