Maryland Residents Can Apply for a 2024 Tax Credit to Help Pay Off Existing Student Loan Debt Beginning July 1, 2024
The Maryland Higher Education Commission's Student Loan Debt Relief Tax Credit (SLDRTC) program provides $18 million in tax credits to Maryland residents filing their 2024 tax returns. The SLDRTC application opens on Monday, July 1, and the deadline to apply is September 15, 2024.
Dr. Sanjay Rai, Maryland's Secretary of Higher Education, encourages all eligible residents to take advantage of this opportunity. "By taking just a few moments to complete the application, Marylanders can potentially receive the maximum tax credit available," said Secretary Rai. "This credit can alleviate existing student loan debt, providing valuable financial relief."
To qualify, applicants must:
All eligible Maryland residents are welcome to apply for the SLDRTC program. Maryland State employees with student loan debt will receive awarding priority.
Tax credit recipients must prove they have used the full Student Loan Debt Relief Tax Credit amount to pay their eligible student loans. If they cannot, they will be expected to return the credit.
To view a list of frequently asked questions and information on how to apply, visit the Maryland Higher Education Commission's website.