Minnesota – Schedule M1SLC – Student Loan Credit 

Table Of Contents

Article: 50543

Overview 

The Minnesota Student Loan Credit provides tax relief to eligible residents who are actively repaying qualified student loans. This credit may help reduce your state income tax liability or provide a —especially if your income is within certain thresholds. 

To claim it, you must complete the Student Loan Credit form in your Minnesota state return, which corresponds to Schedule M1SLC. 

When to Use the Override Feature? 

You may be eligible for the Student Loan Credit if: 

  • You made eligible payments on a qualified student loan during the tax year. 
  • You are a Minnesota resident or part-year resident. 
  • You (or your ) attended a qualified higher education institution. 
  • You are not claiming the same student loan expenses for another Minnesota education-related credit or deduction. 

Note: This credit is refundable, meaning you may receive it even if you owe no tax. 

How to Report 

  1. Navigate to the State Taxes section on the left-hand side of the screen. 
  1. Click the link: I’d like to see the forms I’ve filled out or search for a form.
  1. In the dropdown menu, select Minnesota. 
  1. Click on the Credits tab. 
  1. Select Student Loan Credit to open the screen. 
  1. Enter in applicable information. 
  1. Click Save once complete. 

Additional Resources 

For further guidance, see:  

2024 Schedule M1SLC – Student Loan Credit Instructions (PDF) 

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