Opportunity Maine
Opportunity Maine is a new program that was passed by the Maine State Legislature in the Summer of 2007. It became effective on January 1, 2008. The University of Maine System wants to be sure that all students are aware of the program and take the necessary steps to enroll in the program.
So What Is Opportunity Maine?
The Opportunity Maine program provides a state income tax credit for student loan payments made by degree earners who live, work and pay taxes in Maine after graduation. Or, Maine businesses can make the educational loan payments for their employees and then those Maine businesses can claim the tax credit.
Who Is Eligible?
Any student (regardless of whether the student is originally from Maine or not) who earns an associate’s or a bachelor’s degree at a Maine college or university (public or private) and who borrows student loans after January 1, 2008 meets the initial eligibility criteria. Students must take all of their coursework in Maine and reside in the state to receive the tax credit after graduation. Loans taken before January 2008 are not eligible for a tax credit. Students must sign the Student Opportunity Contract and Disclosure Statement in order to participate in this program.
Upon graduation, a participant who continues to live and work in Maine can claim a tax credit equal to the amount of any educational loan payment (capped at the level of tuition and fees for the University of Maine System or the Maine Community College System, depending on the degree earned – associate’s or bachelor’s).
How Do Students Enroll?
Participation in this program requires that students complete and file the Student Opportunity Contract and the Disclosure Statement with their Student Financial Aid Office. Students should print and sign this contract as soon as possible after beginning enrollment in a degree program if they plan to borrow student loans at anytime during their undergraduate career. Only page 1 of the Student Opportunity Contract needs to be signed now - page 2 will be completed after graduation.
Completing the Student Opportunity Contract does not obligate the student to stay in Maine after graduation. Completing the Contract and filing it with the Financial Aid Office simply initiates the process so that students can take advantage of the tax credit in the future as long as they meet all of the other eligibility criteria.