Gov. Janet Mills said the state’s program for helping students manage college debt is “more reasonable” than the loan 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 $25,000 to Mainers who are living in Maine and, after graduating, live, work and pay taxes here.
The credit is available to graduates with bachelor’s, associate or graduate degrees. For graduates with science, technology, engineering and math degrees, the credit is refundable, otherwise it offsets earned income for Maine tax purposes.
Employers can also claim the credit if they pay tuition costs for their employees.
This article appears through a media partnership with Maine Public.
