Student Loan Relief in Maine
In what I predict to be a trend for states in order to bring in more residents and keep graduates in their state, Maine is also offering student loan forgiveness.
Maine is providing tax credits to student loan borrowers and in 2016, Maine provided $13.1 million in tax credits to 7,290 student loan borrowers with their Educational Opportunity Tax Credit program.
In part, student loan payments made are deducted from the state income tax. Thus, if you owe $5,000 in taxes to the state of Maine, but paid back $4,000 in student loans payments that year, the difference is what is paid to the state in taxes.
Under some circumstances, if you paid back more in student loans than the state tax liability, a credit is issued.
Program requirements available via this link.
Alexander Hernandez, Esq.
The Department of Education released data that shows how ineffective the student loan forgiveness program has been.
Attorney Generals from nineteen states plus the District of Columbia sued U.S. Secretary of Education Betsy DeVos and the U.S. Department of Education for failing to implement a borrower protection rule.
Student loan debt is increasing by as much as $30 billion each quarter and is predicted to hit $2 trillion by 2021.
Alexander Hernandez has been representing clients since 1999 in the areas of bankruptcy, family law, and personal injury.
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