THE CLOCK IS TICKING: Maryland General Assembly Must Act on Student Debt Relief Act of 2017

Important Legislation Offering Vast Majority of Marylanders Student Loan Debt Relief

“And we are asking for your help to tackle the growing problem of college debt by passing the Student Debt Relief Act, which will allow Marylanders to deduct one hundred percent of the interest paid on their student loans from their state income tax return.” - Governor Larry Hogan, February 1, 2017

Student Debt Relief Act Of 2017

Governor Hogan’s Proposal Would Provide Relief To The Majority Of Marylanders With Student Loan Debt; Marylanders Making Less than $200,000 A Year, And Couples Making Less than A Combined $250,000 A Year Would Be Able To Deduct 100% Of The Interest Paid On Their Student Loan From Their Maryland State Income Tax Return.”’Qualified student loan’ means a loan incurred to attend and receive a baccalaureate or graduate level degree from an institution of higher education. ‘Qualified taxpayer means a taxpayer who: makes payments on a qualified student loan during the taxable year; and for an individual who does not file a joint income tax return, has federal adjusted gross income for the taxable year that does not exceed $200,000; or for a married couple filing a joint income tax return, has federal adjusted gross income for the taxable year that does not exceed $250,000. The subtraction under subsection (A) of this section includes the amount of interest paid on a qualified student loan by the qualified taxpayer during the taxable year.” (“Senate Bill 320,” Maryland General Assembly, 1/20/17)

Maryland Educators Have Offered Praise For Governor Hogan’s 2017 Higher Education Initiatives Aimed At Addressing Student Debt

University System Of Maryland Chancellor Robert Caret Said He Hoped The Legislature Would Pass The Governor’s Proposed Higher Education Initiatives. “System Chancellor Robert Caret, who stood at the conference alongside Board of Regents members and university President Wallace Loh, said he hoped the legislature would pass Hogan's initiatives. ‘Obviously, the governor is very, very committed to keeping the cost down for students, and hence, hopefully decreasing debt as part of that,’ he said.” (Evan Berkowitz, “Gov. Larry Hogan Wants To Cap Tuition Increases At University System Of Maryland Schools,” The Diamondback, 1/10/17)
Dr. Robert Caret: “I thank Governor Hogan for his administration’s continued investment in higher education, and I applaud his efforts to ensure that even more Marylanders have access to the world-class education our universities have to offer.” (Press Release, “Governor Hogan Announces 2017 Student Debt And Tuition Relief Initiative, Investments In Higher Education,” Office Of The Governor, 1/10/17)

University Of Maryland College Park Chancellor Wallace Loh: “This Is Real Commitment To Higher Education.” Loh affirmed his support of this commitment. ‘[Hogan's] going to reduce their tuition increases [and] therefore have a favorable impact on debt, and then [there's] all his commitments in capital projects,’ Loh said when asked how the governor's proposals would affect students. ‘This is real commitment to higher education.’” (Evan Berkowitz, “Gov. Larry Hogan Wants To Cap Tuition Increases At University System Of Maryland Schools,” The Diamondback, 1/10/17)

The Time Is Now For Legislators To Act On The Student Debt Relief Act Of 2017

The Student Debt Relief Act Of 2017 Has Not Been Moved Out Of The Senate Or House Committees In Which A Hearing Was Held. The Senate Budget And Taxation Committee And The House Ways And Means Committee Have Not Taken Action On This Important, Bipartisan Legislation. (“Senate Bill 320,” Maryland General Assembly, 2/1/17; “House Bill 399,” Maryland General Assembly, 2/1/17)