Everyone knows that the Obama administration's stimulus bill is intended to get the economy on its feet again. You may not know that the majority of the bill's $70 billion education budget will go to help low- to middle-income individuals get college degrees.
A large portion 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 costs for lower income students. For the next $2,000, students will receive a 25 percent reimbursement. In other words, lower income students will receive $2,500 in education reimbursements each year.
The bill also provides extra benefits for low-income students. Individuals and families that do not make enough to pay income taxes can receive up to a $1,000 education refund.
"These types 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.
Luckily, thanks to a growing number of online education options, degree-seekers can take advantage of President Obama's stimulus bill without leaving their current jobs. Sites like ClassesandCareers.com have helped over 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 money worries? Now is the time to take advantage of the stimulus bill and get an education. Visit ClassesandCareers.com and complete their form. An education advisor will help you get your portion of the stimulus money and find the best degree program for you.
