By now, everyone knows that the Obama administration’s stimulus bill is designed to get the economy moving again. However, you may not know that most of the bill’s $70 billion for education will go to low- to middle-income individuals.
A major part of the bill is a $13.8 billion tuition tax credit boost called the American Opportunity Tax Credit. This tax credit reimburses 100 percent of the first $2,000 of educational expenses for lower income students. For the next $2,000, students will receive a 25 percent reimbursement. In short, lower income students will receive $2,500 in education reimbursements per year.
The bill also features other benefits for low-income students. Families that do not earn enough to pay income taxes can receive a $1,000 education refund.
“These kinds of incentives from the government don’t come along very often,” says Janet Hill, financial aid and education counselor at ClassesandCareers.com, a free online education service. “If people have been thinking of going back to school, now would be the time to do it. If they are hurting financially, they can easily get the money they need to get a degree.” These benefits are set to expire after the 2010-2011 school year.
Fortunately, thanks to a growing number of online education options, degree-seekers can take advantage of President Barack Obama’s stimulus bill without leaving their jobs. Sites like Classes and Careers.com have helped nearly 500,000 degree-seekers get their stimulus money and enroll in online universities.
“We help people learn how to take advantage of this bill,” says Hill. “All they have to do is visit our form and fill it out. We guide them through the rest.”
Have you been putting off a college education because of lack of money? Now is the time to get the money you need. To get started visit ClassesandCareers dot com.
