Issue Position:Keeping Higher Education Attainable
Issue Position
Students should be able to receive all the education for which they are willing to work. I secured approval of the "more education" tax cut, also known as the American Opportunity Tax Credit, so families spending $2,500 for tuition, textbooks and course materials can have $2,500 taken off their federal tax bill. I have introduced legislation to provide a permanent extension of this tax cut, which is good for $10,000 for 4 years of college, and to make it work better for students who receive Pell Grants. For the first time since higher education tax credits were created, my tax cut expanded the definition of a "qualified education expense" to include textbooks, making them more affordable for students.
I also passed legislation to simplify financial aid forms, an idea suggested to me by the Austin Chamber of Commerce, so that more families could take advantage of existing help. With my support, Congress passed the Student Aid and Fiscal Responsibility Act, which eliminates the unnecessary middleman-role of private financial institutions in the federal student loan system. By cutting red tape, and lending directly to students, the federal government will save $61 billion dollars more over a decade for our students with more resources left over to reduce the national debt. The legislation represents the largest single investment ever in higher education, with $36 billion more put into Pell Grants. The Pell Grant program is the nation's vital financial aid program, providing scholarship aid to more than 9 million low and moderate-income students annually, and I have continually called for the preservation and increase of this critical aid that helps students achieve their God-given potential.
My amendment to the Higher Education Opportunity Act first gave the Department of Education the option to use earlier tax information on a student's FAFSA form than they were previously allowed to consider. Following a request I made, President Obama announced that the Department must accept this easier-to-obtain information. The new plan will allow students to submit applications months earlier than previously possible, making applying for aid easier.
Source