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Student Loan Debt Relief Tax Credit

On December 20, 2018, the State of Maryland’s Higher Education Commission (MHEC) issued a Press Release explaining the 2018 Student Loan Debt Relief Tax Credit Program. The tax credit will be available to Maryland taxpayers who:

1. File Maryland State Income Taxes for the 2018 tax year
2. Have incurred at least $20,000 undergraduate and/or graduate student loan debt
3. Have at least $5,000 in outstanding student loan debt remaining when applying for the tax credit
4. Have completed and submitted an application to the Maryland Higher Education Commission by September 15, 2018
5. Have submitted all required graduate and/or undergraduate student loan information, including Maryland income tax information and college transcripts and
6. 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 deadline for applications is September 15th. If you qualify, then the credit will be issued on the student’s (current or former) MD Income Tax Return. If the tax credit is more than the tax owed a refund will be received. Similarly, if the taxpayer was already scheduled to receive a refund, the refund would be increased by the credit amount. There is no “income test” applied.
Link for the Application (https://mhec.maryland.gov/preparing/Documents/Maryland%20Student%20Loan%20Debt%20Relief%20Tax%20Credit%20Application%202018.pdf)

The only unknown part of the program is the amount of the credit since the MHEC doesn’t know how many people will apply. Last year the credits were $1,200 for Residents and $1,000 for Non-Residents. The money they have to allocate has increased from $5 Million to $9 Million, but it is important to note that this year the program added Graduate Student Loan Debt. Further, the MHEC hasn’t decided on how they will be prioritizing the awards. We believe it is worth the effort to apply.

Sincerely,
The Cardinal Team
Frequently Asked Questions (https://mhec.maryland.gov/preparing/Documents/Frequently%20Asked%20Questions%202018.pdf)

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