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Phoebe

Free College Tuition For Community Service

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Hello I am new to the board, Mainly the reason for coming here is because I wanted to see if anyone knows what happened to the free college thing Obama was going to make Happen. I remember him saying that he was going to make it so people could just go to college and pay back the tuition with a community service. SO when does that go into effect does anyone know? Me and My friend Zach want to open a Yoga spa/retreat/studio. I just need to finish College to get that going.

 

 

 

Thanks in advance for the information.

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Hello I am new to the board, Mainly the reason for coming here is because I wanted to see if anyone knows what happned to the free college thing Obama was going to make Happen. I remember him saying that he was going to make it so people could just go to college and pay back the tuition with a community service. SO when does that go into effect does anyone know? Me and My friend Zach want to open a Yoga spa/retreat/studio. I just need to finish College to get that going.

 

 

 

Thanks in advance for the information.

 

Hi Phoebe. This seems like a nice forum.

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Guest LAW

Originally proposed by President Barack Obama to help students and families pay for post-secondary education, the proposal called for a $4000 credit in exchange for 100 hours of community service. The stated goal of the credit was to, "cover two-thirds the cost of tuition at the average public college or university and make community college tuition completely free for most students.

 

Under the American Recovery and Reinvestment Act (ARRA), more parents and students will qualify over the next two years for a tax credit, the American Opportunity Credit, to pay for college expenses.

 

The American Opportunity Credit is not available on the 2008 returns taxpayers are filing during 2009. The new credit modifies the existing Hope Credit for tax years 2009 and 2010, making the Hope Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.

 

The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and Lifetime Learning Credits.

 

IRS Newsroom Link

 

A Single Educational Investment; A Double Return

01/06/09

 

Congressman Chaka Fattah introduces legislation to encourage public service and make college more affordable.

 

Washington, DC – As the 111th Congress convenes on its first day, Congressman Chaka Fattah (D-PA) makes students and public service his number one priority. Fattah, a lifetime advocate for increasing access to affordable college education, and the architect of GEAR UP, will introduce The American Opportunity Tax Credit Act of 2009.

 

The legislation offers every person seeking a college education the financial opportunity to pursue one and it reflects the call from President-elect Barack Obama for Americans to expand their commitment to public service. In exchange for their investment of 100 hours of public service, students will be eligible to receive a $4,000 refundable tax credit to pay for college.

 

As proposed by Fattah, millions of families whose incomes are too low to qualify for existing education tax credits will benefit from the program. The credit will be available at the time tuition is due enabling students to immediately apply the benefits to their accounts. Unlike existing tax credits, this educational benefit will be targeted to students who are in the most need.

 

"We have an opportunity to double our investment. Students invest their time in America and in turn America invests its capital in its students. It's a win, win for everyone," Fattah said.

 

For millions of students cost has become a major barrier in the pursuit of their college education. As tuition costs climb and America's economy continues its downturn, students have to choose; invest in their education or find immediate employment. It's a challenge that Fattah believes no student should have to confront.

 

"A refundable tax credit will not only expand access to higher education, it will instill in students the importance of serving their community and their nation. Above all, it will pay dividends for generations to come," said Fattah.

 

Congressman Chaka Fattah Newsroom

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