The state of Maryland is offering a student loan tax credit worth up to $5,000, but time is running out to apply.
The Student Loan Debt Relief Tax Credit is offered through the Maryland Higher Education Commission (MHEC) and is available to state taxpayers who took on at least $20,000 in loans.
Why It Matters
Student debt remains a major financial burden for millions of Americans, with recent Pew Research indicating that one in four U.S. adults under 40 carries student loan debt, usually between $20,000 and $25,000.
The resumption of student loan interest for more than 7 million borrowers in SAVE forbearance has put additional pressure on repayment efforts nationwide.