Opportunity Maine and the Educational Opportunity Tax Credit at the University of Maine System
Opportunity Maine is a grassroots coalition that helped establish the Educational Opportunity Tax Credit (EOTC) program for individuals who have earned a qualified college degree in Maine and continue to live and work in the state.
The EOTC program is designed to provide tax benefits to Maine residents paying back eligible student loans. If you graduated from a Maine college, and live and work in the state, then you may be eligible for tax credits based upon the amount of student loan payments that you have made during the year.
Beginning with loans borrowed in January 2008, residents may be eligible to claim a significant tax credit to pay student loans after they graduate. Businesses may also eligible for the tax credit if they agree to pay a students’ loan.
For more information on program eligibility or credit amounts please go to Opportunity Maine.
To take advantage of the Educational Opportunity Tax Credit (EOTC), please complete and submit the Educational Opportunity Tax Credit Worksheet when you file your Maine income tax return. This tax credit worksheet can be found here.
For answers to some Frequently Asked Questions!
- National Student Loan Database (NSLDS)
- Finance Authority of Maine (FAME)
- The Maine laws establishing EOTC
Please note: the University of Maine System recommends loans only for those students who absolutely cannot afford to pay by utilizing other sources. Loans create debt that can last for some time, so if you can afford college without using loans, we encourage you to do so.
For the academic year 2021-2022, UMS average tuition and fees are $9575. Tuition and fees for all subsequent academic years will be posted to this site by August of each year.