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4512jth
New Member

What constitutes a qualifying loan AND a qualifying institution for the M1SLC in Minnesota? Is it all Universities?

 
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JulieCo
New Member

What constitutes a qualifying loan AND a qualifying institution for the M1SLC in Minnesota? Is it all Universities?

In the instructions of the 2017 M1SLC credit form, nothing is specified as to which institutions are involved, except for it being a post-secondary institution. The credit primarily relates to a qualifying loan.  Here is some general information from the M1SLC form:

Am I eligible? You may be eligible for the Student Loan Credit if you made eligible loan payments toward your own qualified education loans during the year. 

You may qualify if both of the following are true:

    • You have taxable earned income 
    • You made payments toward your own qualified education loans 

What is a qualifying education loan? Qualified education loans include loans used for the cost of attendance at an eligible postsecondary college or university. This does not include loans from a relative or a qualified employer plan.

Can I take the credit if I pay someone else’s loan? No. You may only qualify for the credit based on your eligible payments towards your qualified education loans. 

Do I need proof? Yes. Save cancelled checks and/or keep a detailed record from the institution to which you make payments for your qualified loans. We may ask you to show these records if we have questions.

Therefore, if you are eligible by meeting the two loan qualifications above, you should be able to qualify for the credit.  

Here is a link to information from the MN Revenue Website:  MN Student Loan Credit   
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