Borrowers of student loans in Maryland may buckle up and start applying for the tax credits, as the application for student debt relief in Maryland will end on Friday, September 15.
Student debt relief application near its end in Maryland (Photo: The Education Trust)
Student Debt Relief in Maryland Ends on September 15
According to WMAR, the deadline for the application for student debt relief in Maryland will be on Friday, September 15. Borrowers in Maryland are encouraged to apply for student debt relief before it finally ends.
Biden’s student debt relief is a program that promises to cancel the student debt of millions of borrowers who have low to middle income.
READ ALSO: How Are Retirees Affected By Inflation? Check Out Inflation’s Impact On Retirement Confidence
What are the Criteria to Be Eligible for Student Debt Relief?
WOLB reports that the tax credits worth $18 million will help borrowers in Maryland to relieve their student loans. However, borrowers must be eligible for the criteria to apply.
What are the criteria and how can I be eligible?
To be able to take advantage of the student debt relief, a Maryland borrower must meet the following criteria:
- Borrowers must claim residency for the 2023 tax year
- Borrowers should file 2023 Maryland state income taxes
- Borrowers must have incurred at least $20,000 in undergraduate or graduate student loan debt
- Borrowers have at least $5,000 in outstanding student loan debt at the time of applying.
- Finally, recipients of the tax credit will have to prove that they used the full amount of the credit toward paying their student loans. If not, the money must be returned to the state.
If you think you met the following criteria, you can apply for student debt relief here.
