Obama offers $4000 Incentive to College Students!

A recent study by the Institute for Higher Eduation explains that financial aid problems are the number one reason why people don’t enroll in college classes.

“More than 80 percent of non-college goers reported that the availability of financial aid was either extremely or very important in their decision not to enroll.”

This study highlights one of the biggests frustrations of higher education: I want to go to college so I can make more money to provide for myself, but it takes money to do that. This problem is exasperated by the economic downturn that has resulted in banks loaning less money to people.

This prevalent predicament is frustrating but there are some solutions out there. Scholarships, grants, and financial aid are available to those who qualify and take the time to request it. President Obama is also making some changes to try and help people get into college programs. Obama has proposed a new piece of legislation called, The American Opportunity Tax Credit.”

So how does this tax credit work? If you owe $5000 dollars in taxes this year but you also went to college this year and you qualify for the American Opportunity tax credit, you would only pay $1000 in taxes. If you don’t owe any taxes that year, which is the case for most college students, the government will actually give you that $4000 dollars. To receive this tax credit, the beneficiary must complete 100 hours of community service.

This opportunity is a beacon of hope to those who have the desire to attend college but lack the resources.

Community colleges play an important role in helping people transition between careers by providing the retooling they need to take on a new career” –President Obama

For more information on community colleges in your area please visit: www.mycollegesandcareers.com

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