CNN Money reported today that President Obama’s Stimulus Plan is set to help college students worried about how to pay for tuition, room and board. While the plan, known as the American Recovery and Reinvestment Act of 2009, still needs to be approved by Congress, some of the most student-friendly changes would include:
>> Increasing the HOPE Scholarship tax credit
First and second year students are eligible for the HOPE scholarship, which makes tax credits available to all students (and their families) during their first two years of college. Originally, the credit was equal to 100% of the first $1,000 in tuition and fees and 50% of the second $1,000. Under the President’s plan, the credit would be bumped up to $2,500 and would be eligible to cover not only the cost...