Newsletter Facebook Twitter Podcasts

Maine graduates: Get a tax credit for your student loans

January 08, 2014

Are you working in the computing and IT profession in Maine? Did you graduate from a Maine college or university? Do you have college loans?

If so, you can receive a credit on your income taxes for education-related costs from the Opportunity Maine program.

This credit may be claimed by qualifying graduates, their employers, or both, depending on who pays down qualified education loans.  The size of the actual credit varies based on individual circumstances, but a credit up to $4,272 can be claimed by students graduating in 2013.

Generally, this is a non-refundable tax credit that can be carried forward for as many as ten years.  This tax credit is, however, refundable for graduates with a degree in science, technology, engineering or mathematics, meaning STEM graduates could possibly get cash back from the State of Maine.

The credit amount will vary from individual to individual.  Those who may qualify and those who would like to learn more can visit the Maine Revenue Services’ website, which has worksheets for both individuals and employers so that they can calculate their individual tax credit value.

As the Portland Press Herald reported recently, only a fraction of those who are eliglble are taking advantage of the program. Don't miss this opportunity!

Previous Post Read More Blogs Next Post