Student Loan Credit Available for Minnesota Residents

A new tax change was released for Minnesota residents on August 29th, 2017

Minnesotans who make payments on their postsecondary education loans may qualify for a nonrefundable credit up to $500. For married couples, each spouse may qualify for this credit.

When is this credit available?
The Student Loan Credit is available for the tax year 2017 and later.

Who qualifies for this credit?
This credit is available to full-year and part-year Minnesota residents who make payments on qualifying education loans during the tax year.

How much is the credit?
The credit amount depends on your income, loan payments, and original loan amount. The maximum credit is $500 each year (or $1,000 for married couples who file a joint return if both spouses made payments on qualified loans).

How do I file for this credit?
Eligible taxpayers should complete Schedule M1SLC, Student Loan Credit, to file this credit.

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