Issue Position: Higher Education

Issue Position

Keeping Higher Education Attainable

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. President Obama has called for a permanent extension of this tax cut, which would be good for $10,000 for 4 years of college. In 2012, it is estimated that it will provide $9 billion in tax relief for those seeking more education after high school. 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. In the State of the Union and in a speech at Gregory Gym last year, President Obama called on Congress to make permanent this tax cut. Click here to read my op-ed in the Daily Texan about this important tax cut and other issues related to investing in higher education and students' ability to achieve their God-given potential through higher education.

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 the next 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, which is why I called on the House Appropriations Committee to keep its promise to college students by maintaining the current maximum award of $5,550.

Source