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How will Obama’s Stimulus Plan affect college students?
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Financial aid for college students will be drastically expanded, simplified, and improved under the new Stimulus Plan, according to US Secretary of Education Arne Duncan..jpg)
"President Obama's proposed budget calls for a historic investment to make college more affordable and accessible and to help more students succeed once they get there," said Duncan.
Once again, Obama and his people speak the words that appeal to all of us. During the past two years, our family has shopped for colleges. The costs have risen far beyond inflation and far beyond the means of most families.
However, as much as I like the way all this stimulus stuff sounds, once again I wonder where in the heck all this money will come from.
We are investing in the education of our children, but once this generation graduates, they will be saddled with our past debt.
What will be available to college students under this American Recovery and Reinvestment Act?
· First of all, there will be an additional $17 billion for Pell Grants.
· The plan would also increase the Federal Perkins Loan Program to $6 billion in loans every year.
· $14 billion is provided for tuition tax credits for middle class families, raising the credit to $2,500 from $1,800. However, one has to spend $4,000 and meet other criteria to receive this credit.
· The budget overview also includes a $500 million grant program for a new federal-state-local partnership to improve retention and graduation rates, particularly for low-income college students.
Obama’s plan also includes revamping and restructuring many parts of the system to make it more efficient and less frustrating for parents.
Details of the FY 2010 budget proposal will be released in late April.
For more information, see: "Obama Stimulus Plan: $100 Billion for Education."
Education Secretary Duncan Highlights Budget Proposals to Increase College Access and Affordability"
"How to Obtain College Scholarships "
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