Frequently Asked Questions
How do I sign up?
All Bowdoin students will be considered eligible once they have earned a degree.
Do I have to be a Maine resident to qualify?
Yes. All students were considered “residents” while earning their degree. If you subsequently live, work and pay taxes in Maine at any time within 10 years after graduation, and are still repaying undergraduate student loan debt, you will be considered for the tax credit.
How much is the tax credit worth?
The average student credit will be $2,100 each year but this figure will vary depending on your tax liability and how much student loan you repaid. Some students can claim up $5,500 each year.
What do I need to apply for the credit?
You apply for the tax credit at the time you file your Maine Income Tax Return. The Maine Revenue Service will have a tax worksheet to complete. You will need a copy of your transcript, a listing of undergraduate loans you look after January 1, 2008, and proof of loans you repaid during the tax year.
Can I pre-pay on my educational loans?
No. Prepayment makes the taxpayer ineligible for the Opportunity Maine credit.
Can I consolidate my educational loans and still qualify?
Yes… as long as only undergraduate educational loans are consolidated and the total debt is equal to or less than the original debt.
What if I misplace my tax credit documents and information?
You may get a copy of your transcript from the Bowdoin Registrar. Your lenders or loan servicers will have information about your debt and repayment history.Your loan summary is available upon request from the Bowdoin Student Aid office: SAO@bowdoin.edu.