ROHNERT PARK, Calif., Sept. 14, 2018 /PRNewswire/ -- The Sept. 15 deadline for applications to a Maryland student loan debt tax credit is fast approaching. The tax credit is available for Maryland taxpayers who have incurred at least $20,000 in student loan debt and still have a balance of at least $5,000. This is part of a larger, ambitious effort called the College Affordability & Student Debt Relief Initiatives by the state of Maryland to aid higher education students and student loan borrowers. Ameritech Financial, a document preparation company, helps student loan borrowers across the nation navigate the sometimes complex process of applying for and maintaining enrollment in federal programs, such as income-driven repayment plans (IDRs), possibly lowering monthly payments based on income and family size.
"Student loan debt is a national crisis but, for now, states like Maryland are going to have to take the initiative," said Tom Knickerbocker, executive vice president at Ameritech Financial. "This seems like a very bold attempt to address this challenging dilemma."
In addition to being a current resident of Maryland, borrowers must be filing a Maryland state income tax return to qualify for the tax credit. Maryland has allocated $5 million each year to be awarded. How much credit each applicant receives depends on how many people qualify. If there are 1,000 or fewer approved applicants, everyone will get the maximum amount. If there are more than 1,000 approved applicants, credits will be allocated based on debt-burden-to-income ratios, how many times an applicant has received this tax credit, if they graduated from a college in Maryland or if they were eligible for in-state tuition at their college.
This is part of a larger effort announced by the Governor of Maryland Larry Hogan to commit more than $7 billion to higher education. This includes a portal to support streamlined navigation of college tuition, financial aid and debt assistance. The program further aids those with student debt to purchase homes and earn loan forgiveness for working in areas of specific need and more financial aid for those looking to earn advanced degrees in specific areas. In addition, the Maryland Community College Promise Scholarship Program will include four-year Maryland public institutions for qualified students.
Though the tax credit and these initiatives provide relief to many Maryland students and borrowers, millions of American borrowers face daily struggles with student loan debt. IDRs can be extremely helpful to those struggling with student loan debt, though enrollment and maintenance of these programs can be daunting for some to navigate. Ameritech Financial's innovative, collaborative program has allowed thousands of borrowers to save millions of dollars each month and help them regain control of their financial future.
"It is heartening to see a state promoting access, affordability and innovation to increase student success and decrease debt," said Knickerbocker. "For those who don't have access to these programs, we can find out if you may be eligible for an IDR and determine which program may be best for you."
About Ameritech Financial
Ameritech Financial is a private company located in Rohnert Park, California. Ameritech Financial has already helped thousands of consumers with financial analysis and student loan document preparation to apply for federal student loan repayment programs offered through the Department of Education.
Each Ameritech Financial telephone representative has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).
Ameritech Financial prides itself on its exceptional customer service.
To learn more about Ameritech Financial, please contact:
5789 State Farm Drive #265
Rohnert Park, CA 94928
SOURCE Ameritech Financial