Student Loan Credit

Minnesota residents who make payments on their own postsecondary education loans may qualify for a nonrefundable credit. For married couples, each spouse may qualify.

Who Qualifies

To qualify, both of these must be true:

• You are a full-year or part-year Minnesota resident.
• You make payments on your own qualifying education loans during the tax year. Payments you made on someone else's loans do not qualify.

You may not claim this credit using payments other individuals made toward your loans. For married couples, each spouse must have made payments on their own qualified loans.

Note: Before claiming this credit for tax year 2018, review the 2018 Schedule M1NC, Federal Adjustments, and determine if you must file this schedule. For more information, see Federal Adjustments. 

Credit Amount

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 filing a joint return.

How to Claim the Credit

Complete Schedule M1SLC, Student Loan Credit.