HAGERSTOWN, Md (WDVM) — Some Maryland residents will now have the ability to pay down some of their student loan debt thanks to a tax credit program launched by Gov. Larry Hogan. Since 2017 more than $41 million in tax credits have been awarded to Maryland residents.
The money came from the Maryland Higher Education Commission. The credits were divided into two groups, Maryland residents who attended a Maryland Institution and Maryland residents who participated at an out-of-state institution.
To be eligible for the tax credit, recipients needed to have at least $20,000 in student loan debt, and have to apply ahead of time. However, some Maryland were unaware that a program like this existed. But that this is something that they would be interested in.
“Oh yeah, definitely that’s just like oh my ray, and I’m surprised I haven’t heard about it at all,” Molly Parsons, resident of Maryland, said.
The tax credit is claimed on the Maryland State Income Tax and paid out via tax refunds.