The Maryland Higher Education Commission has awarded nearly $9 million in 2022 tax credits to more than 9,000 Maryland residents who have incurred student loan debt.
Nearly $50 million in tax credits have been awarded since the program started in 2017. This year, more than 9,300 Maryland residents were awarded the tax credit in the amount of $966 each, totaling $8,996,358 in tax credits statewide.
Maryland taxpayers who have incurred at least $20,000 in undergraduate and/or graduate student loan debt and have at least $5,000 in outstanding student loan debt are eligible to apply for the Student Loan Debt Relief Tax Credit.
The tax credit will be claimed on the recipient’s Maryland income tax return when they file their state taxes this year. If the credit is more than the taxes owed, they will receive a tax refund for the difference. To learn more, visit https://mhec.maryland.gov/preparing/Pages/StudentLoanDebtReliefTaxCredit.aspx.