Fill Out This Form To Get A Tax Credit To Help Pay Off Your Student Loan Debt. If You Live In Maryland Full Time Or Part Time If you live in Maryland or plan to spend at least part of the year there, you can apply for the Student Loan Debt Relief Tax Credit by filling out this application and following the instructions provided.
Which Applicants Are Eligible:
Taxpayers who have lived in Maryland throughout the entire 2022 tax year.
Instructions
Never use a short-term or fictitious email address, such as one associated with your business or school, when creating an online account. To receive future correspondence from the Maryland Higher Education Commission and to receive tax credit awards, a permanent email address is required (MHEC).
Supporting Documentation
Your application will only be processed with the following materials. Only submit a Word or Excel document that the recipient can edit. PDF is the preferred format. Proof from your loan service providers that you have applied for and received approval for the appropriate student loan refinancing or consolidation. The necessary paperwork should include the following:
- lender's name, address, and phone number; and -borrower's name, account numbers, initial loan sums, and current outstanding loan balances
- Your application can only be allowed with the required paperwork from the lender. Please do not get disqualified owing to improper lender documentation.
- Details on Loans for College and University Graduation
Total Amount Of Student Financing.
Give the TOTAL AMOUNT of all loans you took out for college-level study and graduate school, regardless of where you took them. Outstanding Debt from Student Loans for College and Graduate Study. Include the sum of all undergraduate and graduate loan debt still owed as of the application deadline.
Documentation Of Earnings
You modified Gross Income in Maryland. Fill in your Adjusted Gross Income from line 16 of your Maryland State Income Tax Form 502 from the previous tax year. Even if you're married and filing jointly, you shouldn't divide your AGI by two.
Degree Information
Please list the relevant institutions and universities you attended if you plan to submit proof of undergraduate and graduate student loan debt. Provide the location and state where each college or institution is located, dates of attendance, the sorts of degrees you got, and the college or university that issued the degree. Please let us know which institutions and universities you attended as an undergraduate and graduate student and whether or not you were charged in-state tuition (Maryland).
Tax Credit Information
- HAVE BEEN Awarded a Tax Credit in the Past. If you were granted the Maryland Student Loan Debt Relief Tax Benefit in the past, you must report it even if you did not file for the credit.
- RECEIVED the tax credit grant PREVIOUSLY. To obtain the tax credit, you must file a Maryland income tax return and specify which tax years you filed for.
- If you claimed the tax credit in Maryland, you must specify all tax years for which you submitted paperwork to MHEC verifying that you used the tax credit monies to pay down student loan debt.
Put Your Signature On The Application
Affirm under pain of perjury that all information provided in this application and attachments is accurate and correct. You also agree that any credit you receive will be used solely to repay eligible student loans and that failure to comply with this requirement, including the inability to provide documentation to the Commission showing that you have complied with this requirement, may result in the revocation and recapture of your credit. You also authorize your financial and academic institutions to release information about you. Please read the application's terms and conditions before signing and submitting it if you still need to do so.
Continued Record-Keeping
Within two years of the end of the taxable year to which the credit applies, taxpayers who claim the credit on their Maryland income tax returns must provide proof to the Maryland Higher Education Commission that the total amount of the credit was applied toward the repayment of qualifying student loans. Your credit may be revoked and reclaimed if you do not submit this information.
Article General Taxation Maryland Annotated Code
Income tax credits are available to Maryland taxpayers who are residents of the state and are paying down their student loan debt from an accredited college or university. This program, known as the Student Loan Debt Relief Tax Credit, was established under Section 10-740 of the Tax-General Article of the Annotated Code of Maryland. These may include loans to earn undergraduate and graduate degrees, such as an associate, bachelor, master's, professional graduate, doctorate, or post-doctoral degree.
