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)