Maryland Gov. Larry Hogan has announced the awarding of nearly $9 million in tax credits for Maryland residents with student loan debt.
The administration says there were 9,600 applicants who were eligible for the Student Loan Debt Relief Tax Credit. That includes 6,331 eligible applicants who attended in-state institutions who will each get $1,000 in tax credits. There were 3,269 eligible applicants who attended out-of-state institutions who will receive $813 each in tax credits.
“It is critical that we look for ways to help those in our state crippled by student loan debt,” Hogan said in a statement on Monday announcing the tax credits. “This program helps Maryland taxpayers pay off student debt, while remaining in the workforce and having a positive impact on the state economy.”
Last year, the Maryland Higher Education Commission awarded 9,484 state residents tax credits under the initiative. Of them, 5,238 applicants attended an in-state institution and received $1,000 each in tax credits. There were 4,246 who attended an out-of-state institution and received $883 each in tax credits.