The State of Education Spending

Tuition assistance for college students took the national spotlight this week during the State of the Union address when President Obama called on Congress to make permanent the American Opportunity Tax Credit. The President said that permanently extending the college tuition tax credit, which is currently worth $10,000 for four years of higher education, is “the right thing to do.” 

After proposing a five-year freeze in discretionary spending on nondefense programs during his address, President Obama went on to say that he would spare education and research from the freeze and spending cuts.

“Cutting the deficit by gutting our investments in innovation and education is like lightening an overloaded airplane by removing its engine,” he said. “It may feel like you’re flying high at first, but it won’t take long before you’ll feel the impact.”

For more information about the 2011 State of the Union address, visit the White House web site.

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Many Virginia Institutions Provide Financial Assistance for Veterans Through Yellow Ribbon Program

The Department of Veterans Affairs recently announced that more than 1,000 private and public colleges and universities across the US have agreed to reduce tuition for student veterans during the 2010-11 school year as part of agency’s Yellow Ribbon GI Education Enhancement Program. A number of participating institutions are located in Virginia!

The Yellow Ribbon program pays up to the highest public in-state undergraduate tuition and fees for eligible student veterans. Only individuals entitled to the maximum benefit rate (based on service requirements) may receive this funding.  Eligibility requirements include the following:

• Student served an aggregate period of active duty after September 10, 2001, of at least 36 months;
• Student was honorably discharged from active duty for a service connected disability and served 30 continuous days after September 10, 2001; 
• Student is a dependent eligible for Transfer of Entitlement under the Post-9/11 GI Bill based on a veteran’s service under the eligibility criteria listed above. 

Colleges and universities participating in the Yellow Ribbon program determine application procedures for eligible students, the maximum number of students that may participate in the program, and the percent of tuition that will be contributed. 

For a complete list of participating Virginia institutions, click here  or visit www.gibill.va.gov.

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Private Practice

Good news for students attending private colleges or universities! Students at these institutions may pay a little less in tuition and fees this year, according to a survey by the National Association of Independent Colleges and Universities.

The study found that while tuition and fees at private, nonprofit colleges and universities is increasing an average of 4.5% for the 2010-11 academic year, private colleges are increasing institutional student aid by an average of 6.8%. The 2010-11 increase in institutional student aid comes on top of a 9% increase last year.

The bottom line? Students and their families should not rule out private, nonprofit institutions just because of their price tag.

What do you think? Would you be more likely to attend a private college or university if a significant financial aid package could reduce your out-of-pocket expenses?

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