$9 million going towards Md. students for debt relief
MARYLAND – $9 millions dollars is making its way into the pockets of nearly 10,000 Maryland students who are struggling with student loan debt.
Right now, on a national scale student loans exceed over $1 trillion and in Maryland each student is facing nearly $30,000 worth of debt on average.
So in order to bring some relief, the Hogan administration has awarded $9 million in tax credits for Maryland residents who attended both in-state colleges and out-of-state colleges.
It’s a move that local legislators support.
“Oh I think it’s very important particularly in our low income areas. you know. the amount of student debt that our young people have it prohibits them from leaving home and then you have to finance a car and then if you finance, if you want to do additional education it impacts your ability to that,” explains Sen. Addie Eckardt.
Eckardt also thinks the Student Debt Relief Act of 2019 that Hogan introduced, which will allow Marylanders to deduct 100% of the interest paid on their student loans from their state income tax, is a continued step in the right direction.