VERIFY: Is Maryland giving students with outstanding debt a tax break for 2017?

WUSA9 verifies if Maryland is giving students with outstanding debt a tax break for 2017.

QUESTION:

Is Maryland's Higher Education Commission granting tax credits to students with outstanding loan debt for 2017?

ANSWER:

Yes, up to $5,000 in tax credit.

SOURCES:

Maria C. Torres, Director of Communications and Outreach, Maryland Higher Education Commission

PROCESS:

Tonight's Verify will hopefully find its way into the hands of Maryland alumni who can't help but find himself swimming in student debt. Verify researchers come bearing good news. 

Tawana Lane, Verify viewer, asked our team to fact-check whether Maryland was offering up to $5,000 in tax relief credit for students with outstanding undergraduate loans.

The first indication that this is a legitimate offer was that it was featured on an official government website.

Maria Torres, communications director at Maryland Higher Education Commission, confirmed this tax break is piloting for the first time for 2017.

To qualify an applicant must be a Maryland resident, must have incurred at least $20,000 in undergraduate debt from a Maryland university or college and must have at least $5,000 remaining in debt as of 2017. 

September 15 is the deadline to be considered for the credit and applications will be processed by mid-December. 

No matter how big of a tax credit you qualify for, it must be used towards paying off the loans within two years.

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© 2017 WUSA-TV


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