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Last Updated: 8/13/2018

K-12 Education Credit Assignment Program – for Families

Under this program, financial institutions and tax-exempt organizations (lenders) can loan you money for certain K-12 educational expenses. You then assign your future income tax refund to repay the loan.

Do I qualify for this program?

To qualify for this program, you must be eligible to claim the Minnesota K-12 Education Credit. To determine if you’re eligible for this credit, see the following resources:

You must also:

  • File a Minnesota income tax return to claim the K-12 Education Credit.
  • Agree to have your income tax refund assigned (paid directly) to your lender.

How much of my refund can I assign to repay my loan?

The most you can assign from your income tax refund in a year is $1,000 for each qualifying child, as defined for the K-12 Education Credit. If the loan is more than the assigned amount, you will need to pay the difference yourself.

Where can I find more information about the program?

See our Frequently Asked Questions for the K-12 Assignment Program (for Families).