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.

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. For married couples, each spouse must have made payments on their own qualified loans.

You may not claim payments you made on someone else's loans or payments other individuals made on your loans.

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.

To claim the credit, complete Schedule M1SLC, Student Loan Credit, and include it when you file Form M1, Individual Income Tax.