Gov. Janet Mills said the state’s program for helping students manage college debt is “more reasonable” than the debt forgiveness plan announced Thursday by President Joe Biden
“The bipartisan Opportunity Maine tax credit, we expanded in this year’s budget, greatly expanded, is probably the most generous student loan forgiveness program in the country,” she said.
The program is now called the Student Loan Repayment Tax Credit. It offers up to $2,500 per year to people who live in Maine and have a job, according to Sharon Huntley, a spokesperson for the state Department of Administrative and Financial Services. A total of up to $25,000 in credits may be offered over someone’s lifetime.
The credit is refundable and available to graduates with bachelor’s, associate, or graduate degrees in any area of study, Huntley said.
This article appears through a media partnership with Maine Public.
Correction: A previous version of this report misstated several conditions for borrowers participating in the Student Loan Repayment Tax Credit. It also incorrectly stated that employers can claim the credit if they pay tuition costs for their employees; that was only the case under the Educational Opportunity Tax Credit, a program which expired at the end of last year and was replaced by the Student Loan Repayment Tax Credit.