Dear Members & Friends:
I hope that many of you were able to watch the State of the Union address last night by President Obama.
As a financial aid professional committed to ensuring that students and their families receive funding to pursue their dreams of higher education, it makes me proud to see that education still remains a top priority in America.
With America committed to our students we can continue to uncover our Purpose, Power, & Passion.
Below are a few highlights from the speech:
· President Obama focused on the value and affordability of higher education, highlighting his recently announced proposal to make the first two years of community college free and his plan to reform higher education tax benefits.
· America’s College Promise, the president’s proposal to make two years of community college free, was the main focus of his higher education remarks in the address. Obama described the plan as a much-needed partnership between key stakeholders: the federal government, states, institutions and students.
· “By the end of this decade, two in three job openings will require some higher education,” stated Obama. “And yet, we still live in a country where too many bright, striving Americans are priced out of the education they need. It's not fair to them, and it's not smart for our future. That's why I am sending this Congress a bold new plan to lower the cost of community college - to zero.”
· The plan would provide two years free community college for students who are at least half-time, maintain a 2.5 GPA, and make steady progress toward completing their program. Under the proposal, the federal government would cover three quarters of the average cost of community college tuition and fees. States would serve as partners and be expected to contribute the remaining funds needed to eliminate tuition for eligible students.
How do we do this?
· President Obama stated in the address that the proposal, which is estimated to cost $60 billion dollars over 10 years, would be paid for by his plan to reform the tax system.. The crux of the higher education portion of the plan, covered by NASFAA in yesterday’s issue of Today’s News, would consolidate existing tax credits into, and make permanent, the American Opportunity Tax Credit (AOTC). It would also expand AOTC eligibility to non-traditional students, increase the refundable portion, and allow students to claim the credit for up to five years. In addition, the plan would simplify the AOTC process for Pell Grant recipients.
I look forward to seeing many of you in Memphis!
Nathan R. Basford, Jr.
SASFAA President
Florida State University, OFA
A4400 University Center
expect more than others think is possible........
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