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Student loan payments may be tax credits

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Student loan payments may be applied as tax credits if a new bill in Lansing becomes law. Democratic State Representative Andy Schor is sponsoring the legislation. 

He says “it’s the start of keeping that talent here and reversing the brain drain as we create some of the places where they want to be.”

Schor continued, “they get to take that credit on their taxes, if they’re graduated from a Michigan university or college and if they’re here in the state working.”

He added the tax credit would equal half of a student's annual loan payment and it would include degree programs at colleges, universities, community colleges and junior colleges throughout Michigan.

Schor says the idea came from a similar program in Maine.

- Chris Zollars, Michigan Radio Newsroom