Schumer Calls on Administration to Develop Comprehensive Guide of Higher Education Tax Credits for High School Students and Families

Press Release

Today, U.S. Senator Charles E. Schumer, along with eleven of his Senate colleagues, called on the Administration to develop a simple, comprehensive guide of post-secondary education tax benefits for families and students. Schumer explained that, according to a 2012 report produced by the Government Accountability Office, one in six tax filers failed to take advantage of the maximum higher education tax benefits available to them. As a result, Schumer is urging the White House to create a guide that would help educate New York students and families of the tax benefits available to them, including tax credits, tax-free savings plans, and tax deductions. Schumer said this guide would help make higher education more accessible and affordable and help decrease student loan debt for students over the long term.

"All Americans deserve access to a college education, but with increasing tuition rates, the skyrocketing loan debt students face after college, and the exorbitant interest rates on top of that, college students, graduates and their families are struggling to make ends meet," said Schumer. "Luckily, there are many tax benefits available that can help make college more affordable, but hundreds of thousands of New Yorkers do not take advantage of them. That is why I am calling on the administration to create and develop a simple, but comprehensive guide to raise awareness about all of the higher-education tax benefits available to New Yorkers. Not only will these kinds of tax credits, deductions, and more help families in the short term, but utilizing these benefits could help shrink student overall loan debt in the long term."

Schumer explained that this kind of information guide could help the estimated one million students currently enrolled in New York State colleges and universities. According to the New York State Department of Education's survey of colleges and universities in New York in April 2009, there were 959,683 students attending 2-year and 4-year colleges in the State of New York. According to the New York State Department of Education's 2013 survey, there were 1,033,709 students attending 2-year and 4-year colleges and universities in the state. Schumer explained that, as post-secondary degrees become more necessary for today's work force, the need for a 2-year or 4-year college degree will continue to increase. Schumer also said that, with the price of tuition on the rise and increasing student loan debt, allowing students and families to apply for benefits they did not previously know about would allow middle class families to better prepare financially for post-secondary education.

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