Economic Stimulus Plan Increases Help for College Tuition

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.

In addition, the 2009 economic stimulus package increases the tuition tax credit to $2,500 and makes it 40 percent refundable. Due to this boon, families and individuals who don’t make enough to have to pay income tax could still get as much as $1,000 in extra tuition help.

Additionally, computer expenses become an allowable expense for 529 college savings plans – which is a big plus for students seeking online degrees!

Altogether, the package spends around $32 billion on college education – so don’t get left behind. Take advantage of the benefits offered.

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 financial aid is available for you and get started earning your college degree.

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