July 15, 2009
Economic Stimulus Plan Increases College Aid Benefits
The economic stimulus plan that was passed earlier in 2009 increases the maximum Pell Grant, from $4,731 currently to $5,350 starting July 1 and $5,550 in 2010-2011. This Federal Financial Aid Grant is intended to help the lowest-income students attend college or university. The maximum grant should cover about 75% of the average cost of a four-year college. The plan also increases the number of students who will be eligible. In fact, now, 800,000 more students, or about 7 million, may qualify for Pell Grants.
The stimulus package also enlarges the college tuition tax credit to $2,500 and makes it 40 percent refundable. As a result, families and individuals who don’t earn enough to actually pay income tax could still get as much as $1,000 in extra tuition help.
Better yet, computer expenses are now an allowable expense for 529 college savings plans – a big positive for online degree seekers!
The package spends an estimated $32 billion on higher education – so don’t get left behind. Take advantage of the benefits offered to help you get ahead.
Unemployed? Think you may be out of a job soon? It makes sense to start increasing your credentials now. When you have earned your college degree, you’ll be able to find better jobs with higher pay.
Find out more about what is available for you and get started earning your college degree.
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