Economic Stimulus Plan Increases College Aid Benefits

The maximum Pell Grant was increased with the economic stimulus plan that was just passed. This grant helps the lowest-income students attend college, and will be increased from $4,731 to $5,350 starting July 1, 2009 and up to $5,550 in 2010-2011. This will help pay about 75% of the average cost of a four-year college. And, 800,000 more students, or about 7 million, will now be eligible for Pell funding.

In addition, the 2009 economic stimulus package increases the tuition tax credit to $2,500 and makes it 40 percent refundable. Due to this boon, families and individuals who don’t make enough to have to pay income tax could still get as much as $1,000 in extra tuition help.

Additionally, computer expenses become an allowable expense for 529 college savings plans - which is a big plus for students seeking online degrees!

Altogether, the package spends around $32 billion on college education - so don’t get left behind. Take advantage of the benefits offered.

If you are unemployed, or fear you may be out of a job soon, it makes sense to start improving your credentials now. You’ll be able to find better jobs with higher pay when you have your college degree in hand.

Find out more about what financial aid is available for you and get started earning your college degree.