Maryland Governor Wes Moore announces tax credits for student loan debt

MARYLAND, USA — Maryland Governor Wes Moore announced Friday that the state's Higher Education Commission has awarded millions in 2022 tax credits to thousands of residents who have student loan debt. 

According to Moore's office, nearly $9 million in tax credits will be available to more than 9,000 Maryland residents with student loan debt.

“This program offers Maryland residents a critical advantage when looking for options to pay off student loan debt,” said Governor Moore. “These tax credits support student success through less debt.”

Since the program began in 2017, nearly $50 million in tax credits have been awarded.

This year, 9,300 people living in Maryland were awarded the credit. 

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 credit will be claimed on the resident'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. 

Recipients must provide proof of payment to the Maryland Higher Education Commission documenting that the tax credit was used for the purpose of paying down the qualifying student loan debt.