Anyone looking for a tax credit for their student loans may start the student loan process application! The student loan process in Maryland kicked off last July 1 and will be extended until September 15.
Student loan Process
Taxpayers who wished to use their tax credits to finance college education may now start the student loan process. Below are things that should be accounted for if planning to apply for tax credits this year:
Step 1: Create a one-stop account online.
Applicants should make sure not to process the application twice. Duplicate applications for the student loan process will be rejected.
Step 2: Applicants should make sure to get their supporting documents ready
These include documentation from your lenders, a copy of your Maryland income tax return, and transcripts.
Step 3: Undergraduate or Graduate Student Loan Information.
The total accumulated debt of the applicant must be at least $20,000 to secure the student loan process. The total balance from the debt should be around $5,000 at the time of the student loan process.
Step 4: Secure Income information, degree information, and Tax credit information.
These are necessary information that will be asked during the student loan process. Make sure to compile and look for the information needed.
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Step 5: Sign the Application.
Signing the application means the applicant agrees to all terms and conditions. Hence, the applicant should make sure to read the document before signing.
Step 6: Follow-up documentation.
Applicants must submit additional documents required to finalize the student loan process to avoid recapture and revocation of credit.
Step 7: For submitting copies
For hard copies, you may mail your application to the Maryland Higher Education Commission at their address: Maryland Higher Education Commission, Attn: Student Loan Debt Relief Tax Credit, 6 North Liberty Street, 10th floor, Baltimore, Maryland 21201.
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