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Sep 23, 2008 11:19 am US/Central
Senate Candidates' Ideas On Paying For College
MINNEAPOLIS (WCCO) ―
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Looking at tuition bills is scary. (File)
CBS
The stock market took another dive Monday with the Dow finishing down 373 points, the latest shock in the unfolding economic crisis. It's hurting many who have retirement accounts or plans to pay for college.
But when it comes to college, it's not easy even in the best of times. Minnesota's U.S. Senate candidates have ideas on how to help. Here's what you NEED TO KNOW.
If you are in college, or have children in college, we don't have to tell you how tough it is to pay for it. Looking at tuition bills is scary. Here's what the Senate candidates are saying, and what YOU NEED TO KNOW.
"Over the past 10 years the cost of college has spiked across the country. The average tuition for four years at a public university is well over $50,000," said Democratic candidate Al Franken.
Franken is proposing a new tax credit to pay for 50 percent of college costs up to $5,000, lowering your tax bill for the money you spend on tuition, textbooks and fees up to $5,000 for each student in the family -- a taxpayer, a spouse, or child. It applies to families earning up to $200,000 a year.
"College is expensive. My kids will come out of college with a lot of debt. I will have increased debt. But it's an investment well worth it," said Republican candidate Norm Coleman.
Coleman says he worked with others to increase college Pell grants from what they are now -- about $4,000 -- to $8,000 by 2014, to lower interest rates on college loans to 3.4 percent by 2012, and cut prices of college textbooks.
"All these problems that our nation is facing can be solved, but its going to take a different way of doing it," said Independence Party candidate Dean Barkley, who discussed students getting their loans forgiven if they take a community service job like teaching or law enforcement in places that really need it.
One more thing you need to know: on average, a college graduate will earn twice the salary of workers who don't go to college.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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