Article: 50576

Overview 

The Maine Student Loan Repayment Tax Credit is a valuable benefit for eligible individuals who live and work in Maine and have made qualified student loan payments. It helps reduce or even eliminate state income tax liability based on the amount of eligible student loan payments made during the year. 

This credit is claimed by completing the Student Loan Repayment Tax Credit form in your Maine income tax return. 

Who Qualifies for the Credit? 

You may be eligible for the Student Loan Repayment Tax Credit (SLRTC) if: 

• You were a Maine resident during the tax year. 

• You earned a qualified postsecondary degree (associate, bachelor’s, or higher). 

• You made eligible payments on student loans for that degree in the tax year. 

• Your degree and student loan meet the eligibility requirements defined by Maine Revenue Services. 

• You lived and worked in Maine while making those payments. 

Note: This credit is available even if your loans are paid to out-of-state lenders. Some provisions may apply to individuals who work remotely. 

How to Report 

1. Navigate to the State Taxes section on the left-hand side of the screen. 

2. Click the link: I’d like to see the forms I’ve filled out or search for a form. 

3. In the dropdown menu, select Maine. 

4. Click on the Property and Personal Credits tab. 

5. Select Student Loan Repayment Tax Credit to open the screen. 

6. Enter all applicable information.  

7. Click Save once complete. 

Additional Resources 

For detailed guidance on eligibility, qualified payments, and calculating the credit, refer to: 

• 🌐 Maine Revenue Services – Student Loan Repayment Tax Credit 

This page includes links to the SLRTC Worksheet, income thresholds, FAQs, and examples.