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Last Updated: 7/13/2018

Student Loan Credit

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Individual Income Tax

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Beginning in tax year 2017, Minnesota residents who make payments on their own postsecondary education loans may qualify for a nonrefundable credit. For married couples, each spouse may qualify for this credit.

Do I qualify for the credit?

You may qualify if you are a full-year or part-year Minnesota resident who makes payments on your own qualifying education loans during the tax year.
Your payments made on someone else's loans do not qualify for this credit.

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?

Complete Schedule M1SLC, Student Loan Credit, to claim this credit.