January 13, 2009

What can we expect from Obama?

Posted in FAFSA, Legislation Affecting Students, Saving for College, Scholarships, Student Loan News, The Financial Aid Process tagged , , , , , , at 9:25 AM by Joe From Boston

The website of President-Elect Obama’s transition team outlines some key strategies and plans for higher education in the next 4 years:

  • Create the American Opportunity Tax Credit: Obama and Biden will make college affordable for all Americans by creating a new American Opportunity Tax Credit. This universal and fully refundable credit will ensure that the first $4,000 of a college education is completely free for most Americans, and will cover two-thirds the cost of tuition at the average public college or university and make community college tuition completely free for most students. Recipients of the credit will be required to conduct 100 hours of community service.
  • Simplify the Application Process for Financial Aid: Obama and Biden will streamline the financial aid process by eliminating the current federal financial aid application and enabling families to apply simply by checking a box on their tax form, authorizing their tax information to be used, and eliminating the need for a separate application.