The Student Loan Repayment Program, formerly known as Opportunity Maine, is a tax credit that is
administered by the Maine Revenue Service. Maine’s Student Loan Repayment Credit reimburses
student loan payments for college graduates who live, work and pay taxes in Maine. The program is
designed to provide tax benefits to Maine residents paying back eligible student loans. If you graduated
from an accredited college anywhere, and live and work in the state of Maine during the tax year, then
you may be eligible for tax credits based upon the amount of student loan payments that you have
made during the year. The credit is limited to $2500 annually, up to a $25,000 lifetime cap, per taxpayer.
Beginning with associate, bachelor’s or graduate degrees completed after 2007, residents may be
eligible to claim a significant tax credit to pay student loans after they graduate. For more information
on program eligibility or credit amounts please go to Student Loan Repayment Program.
To take advantage of the Student Loan Repayment Program, please complete and submit the Student
Loan Repayment Tax Credit Worksheet when you file your Maine income tax return.
If this is the first year you are claiming the Student Loan Repayment Tax Credit (SLRTC) and the
documentation has not been previously provided to claim either the SLRTC or Educational Opportunity
Tax Credit, the Maine Revenue Service requires the following documents be included with your
completed Maine individual income tax return (Form 1040ME) and Student Loan Repayment Tax Credit
Worksheet:
- a complete copy of your college transcript;
- documentation that the educational loans qualify for the SLRTC; and
- documentation showing the actual student loan payments you paid directly to the lender during the tax year
Maine Revenue Services may request additional documentation supporting your claim.
For additional Information, please visit the University of Maine System or Live + Work in Maine