College Opportunity Tax Cut: Providing Tax Incentives to Make Higher Education More Affordable


THE WHITE HOUSE
Office of the Press Secretary


For Immediate Release January 20, 2000



COLLEGE OPPORTUNITY TAX CUT:
PROVIDING TAX INCENTIVES TO MAKE HIGHER EDUCATION MORE AFFORDABLE

Investing $30 Billion in a College Opportunity Tax Cut. Since 1993 the President has taken numerous steps to make college more affordable and accessible, including direct student loans, Pell Grant increases, and the Hope Scholarship and the Lifetime Learning tax credits producing the biggest expansion in college support since the GI bill. But tuition costs continue to rise and many students and their families are still struggling to make ends meet. That is why today the President will propose the College Opportunity Tax Cut that will, when fully phased in, provide up to $2,800 in tax relief for students or their families. The Presidentís proposal would cost $30 billion over 10 years.

How the College Opportunity Tax Cut Works. The Presidentís proposal would help make college, graduate school, and job training more affordable for millions of families -- including expanding the tax cut and making it available to more families. In general, the proposal would provide up to $2,800 annually in tax relief per family.

What the College Opportunity Tax Cut Would Mean for Typical Families

The Presidentís New Proposal Builds on His Previous Steps to Make College More Affordable. Since 1993, President Clinton has been dedicated to expanding access to education and training beyond high school. New and expanded programs provide over $50 billion in student aid annually -- compared to $22 billion when he took office.



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