Romney Advice on Affording College: Shop Around
President Obama will be speaking in Boulder today at the University of Colorado. Both Obama and Mitt Romney have addressed the rising cost of college and student loans. Obama's plan:
Obama would let the current $5,550 per year maximum Pell grant increase to $5,635 next year, as scheduled under current law. That figure has grown by more than $900 since 2008 for a program that is the largest source of federal aid for students, serving more than 9 million of them.
- make the American Opportunity tax credit permanent (it was created as part of his 2009 economic stimulus program.) The credit provides up to $2,500 a year per student for college costs but is due to expire Jan. 1.
- Tie some federal aid, including Perkins loans and subsidies for students' work-study jobs, to schools' abilities to curb tuition increases.
Romney says Obama's plans haven't worked. What is his advice? Get a better loan and shop around."
Romney replied that while it might be popular for him to answer that he would provide students with government money, "what I'm going to tell you is shop around."
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