New tax credit helps Marylanders pay off student loan debt

Heather Curtis

WMAL.com

WASHINGTON (WMAL) – Marylanders struggling to pay off student loans can take advantage of a new tax credit.

Any Marylander who has or had $20,000 in college debt and has $5,000 remaining can apply for a $5,000 tax credit.

“This is actual dollars, not a deduction,” said Comptroller Peter Franchot.

Franchot said student debt averages $20 to $30,000 in Maryland, which is a big burden on young people starting out.

While he knows the new tax credit will not solve the student loan debt problem, Franchot believes it will help.

“$5,000 tax free, nobody should turn their nose up at that,” Francot said.

The credit applies to people who went to two or four year colleges. People who attended in-state schools will be given a preference, but everyone is eligible.

The deadline to apply is Sept. 15. For more information, click here

Copyright 2019 by WMAL.com. All Rights Reserved. (Photo: CNN)

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