Educational Opportunity CreditAs of January 1, 2022, the Maine Educational Opportunity Credit (EOTC) has been replaced by the Student Loan Repayment Tax Credit (SLRTC).

The SLRTC provides an annual refundable tax credit of up to $2,500 for Maine residents repaying certain student loans incurred for obtaining an Associate’s, Bachelor’s,or Graduate degree from an accredited community college, college, or university with graduation occurring after 2007, and who have earned income over $11,934 (minimum wage, $12.75, multiplied by 936 hours). The program has a lifetime credit cap of $25,000.


If you’re eligible and have not yet done so, The Maine EOTC can still be claimed for tax years beginning on or after January 1, 2008, and not later than December 31, 2021.The Maine EOTC is a nonrefundable credit (refundable for STEM degrees) of up to $4,524 depending on your degree and year of graduation. Unlike the SLRTC, there’s no lifetime cap on the Maine EOTC program.

If you had a Maine EOTC credit that was carryied over to 2022, you may use the amount toward the SLRTC until January 1, 2027. Any EOTC carried over into 2022 will count against the $25,000 lifetime cap.

One last thing…if you acquired a STEM degree between January 1, 2019, and January 1, 2022, the maximum credit allowed under this section is $3,500 for either 2022 or 2023 if elected and can only be elected once. This extra $1,000 does not count towards the $25,000 lifetime cap.