student loan repayment program
This tax credit is administered by the Maine Revenue Service. Maine’s Student Loan Repayment Credit reimburses student loan payments for college graduates who live and work in Maine, and has been expanded and simplified!
you could get
of your student loan payments reimbursed every year.
The State of Maine recognizes the investment you've made in your education.
They've put their money where their mouth is – come here to live and work, and the State will reimburse your student loan payments via the Student Loan Repayment Program.
• $2,500 refundable tax credit value per year, or $25,000 lifetime value.
• Simpler worksheet to fill out with your tax return each year. Worksheet can be found below.
• More details are being worked out by State Government - we'll post details as we get them to this webpage!
THE 2023 WORKSHEET
Participation in the program is simple. To take advantage of the Student Loan Repayment Program just complete & submit the Educational Opportunity Tax Credit Worksheet when you file your Maine income tax return.
If you have questions or would like to speak to a human, please contact Maine Revenue Services (they administer the tax credit): (207) 626-8475 or email@example.com.
You may qualify if:
• You obtained an associate, bachelor's, or graduate degree after 2007.
• You graduated from an accredited school anywhere on Planet Earth.
• You were a Maine resident during the tax year; and
• Had a certain amount of earned income during the tax year. ($11,934 for 2022.)
Eligible Loan Payments:
• Loans are explicitly for higher education (no family loans, home equity loans, etc.)
• Loans were paid by you, directly to the lender.
• Eligible for reimbursement during the months you lived in Maine and paid your student loans.
• If your loan payments were deferred, you may only claim this tax credit during the months you made payments.
HOW DO I GET THE CREDIT?
Participation in the program is simple. To take advantage of the Student Loan Repayment Program complete and submit the Educational Opportunity Tax Credit Worksheet when you file your Maine income tax return.
Frequently asked questions
1. Who is a qualified individual that can claim the SLRTC?
2. What are the earned income requirements for claiming the SLRTC?
3. What are eligible education loan payments?
4. How much is the SLRTC?
5. I am a qualified individual. Can I claim the SLRTC for loan amounts paid by others on my behalf?
6. I have made loan payments on behalf of another person who is also a qualifying individual. Can I claim the SLRTC?
7. I made education loan payments that have been refunded by the lender. Can I claim the SLRTC for the refunded payments?
8. Can I claim the SLRTC for loan amounts that I paid even though my employer reimbursed me for the payments?
9. I have obtained more than one associate, bachelor’s, and/or graduate degree. Can I claim the SLRTC for each degree?
10. During the tax year, my education loans were in deferment or forbearance status. However, I have continued to pay my student loans during this time. Can I still claim the SLRTC for these payments?
11. My educational loans are consolidated/refinanced with other debt. Do I qualify for the SLRTC?
12. I am claiming the SLRTC for the first time. What information do I need to provide with my tax return?