Images (57)
Document
| id |
id
621036476
|
|---|---|
| contentType |
contentType
document
|
| source |
source
import
|
Source image fields (6)
Extracted text
OCR Page 1 of 57PRESIDENT CLINTON -COLLEGE OPPORTUNITY FOR EVERYONE
January 9, 1998
WORK-STUDY -Expanded to one million recipients
The Federal-Work Study program, originally created by President Johnson in 1964, as part of the War
on Poverty, provides undergraduate and graduate students with part-time employment to help meet their
financial needs and to give them experience while helping the campus or surrounding community. The
FY 1999 Budget will increase work-study funding to $900 million, which is nearly a 50% increase since
FY 1996.
HOPE SCHOLARSHIP CREDIT -Took effect on January 1, 1998
The Hope Scholarship Credit Helps make the first two years of college (or post-high school vocational
training) universally available. Families are eligible for tax credits of up to $1500 per-student for tuition
in a student's first year and another $1500 in the second year. The credit is available for college
enrollment (and tuition paid) after January 1, 1998. 5.8 million students are estimated to benefit
annually.
EDUCATION IRAs -Took effect on January 1, 1998
For each child under age 18, families may now deposit $500 per year into an Education IRA in the
child's name. Interest on these accounts is exempt from taxation if used for higher education. In
addition, taxpayers may now withdraw funds from a regular IRA, without penalty, for their own higher
education expenses or those of their spouse, child, or grandchild.
LIFETIME LEARNING CREDIT -Will take effect July 1, 1998
This tax credit helps offset tuition costs for college juniors, seniors, graduate and professional degree
students, as well as for adults who want to go back to school, change careers, or take a course or two
to upgrade their skills. A family will receive a 20% tax credit for the first $5,000 of tuition and required
fees paid each year through 2002, and for the first $10,000 thereafter. The credit is available for
enrollment (and tuition paid) after July 1, 1998. 7.1 million students are expected to benefit annually.
PELL GRANTS -Largest increases in 20 years
For the past two years, President Clinton has proposed, and Congress has adopted, record increases in
the maximum Pell Grant award. In the coming school year, 1998-99, nearly 4 million low-and
moderate-income students will receive a Pell Grant of up to $3,000. That is a 30% larger grant than
when President Clinton came into office
:
STUDENT LOANS -Cheaper, easier to get, new "pay as you earn" plan
More than 5 million students and parents will take out $30 billion in Federally-backed student loans this
year. Under student loan reforms enacted in the Administration's first year, the up-front fees on those
loans have been cut by as much as half, interest costs are lower, and students have more repayment
options than ever before, including the pay-as-you-earn (income contingent) repayment plan. The
program simplification pioneered by the Direct Loan Program has also spurred improvements to the
government-guarantee system, improving all students' access to loans.
AMERICORPS -Paying for college by doing community service
This year, nearly 50,000 young people will take advantage of the opportunity to perform community
service, either on a full-time or part-time basis, allowing them to earn an award to pay for college or repay
student loans. Participants in the AmeriCorps program earn education awards of up to $4,725 for each
year of service.
Relations
belongs_to