Giving Back to Students

Cross-posted from the Department of Education Blog . Today, as hardworking Americans across the country file their taxes or await their return, middle class families and students paying for college loans will find a larger refund coming their way. The American Opportunity Tax Credit alleviates up to $2,500 of federal income tax owed for individuals paying for college loans and making up to $90,000 a year or for couples making up to $180,000. This is just one of the many ways this Administration is giving back to students. When President Obama signed into law historic healthcare legislation, he not only improved the availability and quality of health care services for thousands of uninsured and under-insured Americans, he made a tremendous investment in our nation’s students. The Health Care and Education Reconciliation Act of 2010 ended wasteful subsidies to banks and freed up nearly $68 billion dollars for college affordability and deficit reduction. Over the next 10 years, the Act will make important investments in higher education, help make college more affordable for hardworking Americans and give back to the American tax payer by: Expanding the Pell Grant program by $36 billion. Investing $2 billion in community colleges. Increasing support for minority servicing institutions by $2.55 billion. Investing $750 million to bolster college access for students over the next 5 years.