Governor Wes Moore announced that the Maryland Higher Education Commission has awarded nearly $9 million in 2022 tax credits to more than 9,000 Maryland residents who have acquired student loan debt.

“This program offers Maryland residents a critical advantage when looking for options to pay off student loan debt,” said Governor Moore. “These tax credits support student success through less debt.”

Nearly $50 million in tax credits have been awarded since the program originated in 2017. This year, more than 9,300 Maryland residents were awarded the tax credit in the amount of $966 each.

Maryland taxpayers who have amassed at least $20,000 in student loan debt and have at least $5,000 in outstanding student loan debt are eligible to apply for the Student Loan Debt Relief Tax Credit.

The tax credit will be claimed on the recipient’s Maryland income tax return when they file their Maryland taxes this year.

To learn more about the program, click here.