Education-HOPE Scholarships

PRESIDENT CLINTON CALLS FOR AMERICA'S HOPE SCHOLARSHIPS A TAX CUT TO MAKE 14 YEARS OF EDUCATION THE STANDARD FOR ALL June 5, 1996 "This age of possibility means that more Americans than ever before will be able to live out their dreams. America knows that higher education is the key to the growth we need to lift our country. It's America's most basic bargain: We 'll help create opportunity if you 'll take responsibility." -- President Clinton, Princeton Commencement, June 4, 1996 TO REALIZE THIS AGE OF POSSIBILITY, PRESIDENT CLINTON IS COMMITTED TO A REAL GROWTH STRATEGY: 1. Putting our economic house in order, through both deficit reduction and a balanced budget. President Clinton has cut the deficit in half since taking office, and this year he submitted to Congress the first genuine balanced budget in 17 years. 2. Opening new markets to create jobs for American workers. More than 1 million new export-related jobs have been created under the Clinton Administration. 3. Investing in our workers so they can seize the opportunity of today's economy. To unlock the age of possibility for all Americans, we must give every single child, and every adult who needs it, the chance to get the best possible education. PRESIDENT CLINTON NOW CALLS FOR NEW AMERICA'S HOPE SCHOLARSHIPS: To Make 14 Years of Education At Least Two Years of College -- the Standard for All Americans. President Clinton's HOPE Scholarship Tax Cut makes clear that 2 years of college should be as universal as high school and builds on his comprehensive program to guarantee that a college education is both accessible and affordable to all Americans at any time in their life. $1,500 Tax Cut For College Tuition. Modeled on the successful Georgia HOPE Scholarship program, this new proposal provides all students with a $1,500 refundable tax credit for full-time tuition in their first year ($750 for half-time), and another $1,500 in their second year if they work hard, stay off drugs, and earn at least a B average in their first year. This $1,500 tax credit will pay for more than the full cost of tuition at the national average-priced community colleges. This $1,500 tax cut is $300 more than the average community college tuition and would make community college "free" for 67% percent of community college students. This tax cut for middle-class families is paid for with new savings in President Clinton's balanced budget. America's HOPE Scholarships costs $7.9 billion, which will be offset by reducing sales source rule benefits, applying an international departure fee, and auctioning radio DARS spectrum. $10,000 Tax Deduction for All Education and Training. The President maintains his $10,000 tax deduction for tuition for college, graduate school, community college, certified training and technical programs. This encourages lifetime investment in higher education. Pell Grant Scholarship Increases for Lower-Income Students: In announcing America's HOPE Scholarships, President Clinton also announced that his balanced budget will increase Pell Grants each year. The maximum Pell Grant award will increase by 33% from fiscal 1995 to fiscal 2002. SENATOR BOB DOLE: "President Clinton had an idea that was pretty good and that was credits for two-year college students." -- Senator Bob Dole, Indianola IA campaign event, February 3, 1996.