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snackexchanger t1_j0r1gnr wrote

This is the first that I am hearing that the program is changing/being replaced. First I got screwed by the loan forgiveness because I refinanced my loans in February 2020.

Now the state credit is being cut roughly in half from a max of $4,500 down to $2,500? That’s quite a drop…

Now people who are above the $2,500 limit need to decide whether to take the financial hit in already tough economic times, especially for young people (which is the exact opposite of what they claim to be doing with this credit) or refinance their loans over a longer period, saving them money in the long run but keeping them in debt longer.

If you couldn’t tell I am not a fan of this change


Comfortable_Bar_4837 t1_j0rx06b wrote

Loan forgiveness is not going to happen because. Republicans. Fuck you. Pay me


tmssmt t1_j0sgdeh wrote

I've had nearly every dollar paid in returned to me via Maine's EOTC. Not quite forgiveness...but basically


King_O_Walpole t1_j10689s wrote

Same here. It was a great program especially for STEM majors


_Schneebley t1_j0raqpx wrote

I understand what you're saying, and it's true it will be handicapping some people, but it appears the state says that the median credit was $2,000 prior to this. And with it seemingly being a refundable credit now, the new $2,500 tax credit will actually be a boost to at least half the people who claimed the EOTC. I dare say a lot more than that even because there were also people who fell under the "nonrefundable" degrees and were handicapped even more, particularly the people who were perhaps on Income-Base Repayments and other programs.


snackexchanger t1_j0rh8yg wrote

Everyone could have won if they had changed it from STEM degrees to STEAM degrees which seems to be becoming the preferred acronym in the educational system anyway…


Bunt_Casket t1_j1k9575 wrote

From the new tax credit statute, worth looking in to in your case:

"... Refinanced loans or consolidated loans that are part of the qualified individual's financial aid package are eligible for the credit under this section if the refinanced loans or consolidated loans remain separate from other debt, but only in proportion to the portion of the loan payments that are otherwise eligible under this section."