Paying For College: Who Deserves Tuition Aid?
Just last month, the College Board reported that tuition continues to rise faster than family income, even amid a booming economy. So which presidential candidate offers the most help to strapped parents and students? Well, it depends on their circumstances. Surprisingly, families above the median income would get more help from the Democrat, while the Republican would extend more financial aid to the poor. Al Gore’s plan is built around tax-based enticements. He would spend a whopping $36 billion on income tax credits to offset the costs of college tuition. A family could receive as much as $2,800 in tax credits each year for tuition and fee payments. Taxpayers would also be allowed to sock away as much as $2,500 a year in new tax-advantaged accounts, similar to 401(k)s, which they could tap at any age for higher education or job training. And Gore would spend $2 billion nationalizing a program, already in place in some states, that gives parents tax breaks to save for their kids’ tui
