Free College in THIS State

(DailyEmailNews.com) – Starting this fall, Colorado is introducing a new policy where students can receive a tax credit for the first two years of college tuition.

Governor Jared Polis signed this initiative into law on May 30, aimеd at students from public high schools with a family income below $90,000.

The Incentives for Post-Secondary Education bill allows for a tax credit that covers 100% of tuition and fees, factoring in any grants and scholarships for up to 65 academic credits.

This credit is applicable at various educational institutions including trade schools, community colleges and four-year universities.

Democratic Governor Polis celebrated the law’s passage as a bipartisan effort on X, stating, “Cost should not be a barrier for people to live up to their potential, which is why we are expanding access to higher education and reducing the financial burden on students and families.”

The law specifies that students must maintain a minimum grade point average of 2.5 and come from households earning $90,000 or less annually to qualify.

The Colorado Department of Higher Education’s website explains that a notable feature of this tax credit is its refundable nature.

This means a student could receive a full refund of tuition and fee payments even if they earned no incomе and paid no federal taxes that year.

It is also available to students claimed as dependents on their parents’ taxes, provided they file separately for the tax credit.

Polis pointed out that the law targets families who earn too much to qualify for Pell Grants but too little to afford four years of college tuition on their own.

Despite its benefits, the Colorado Promise initiative costs Colorado taxpayers around $40 million annually, according to Inside Higher Ed.

Around 28,000 students are expected to qualify for the tax credit in the 2023-24 school year.

To be eligible for the reimbursement, students must complete the Free Application for Federal Student Aid (FAFSA), apply for Pell Grants and pay their tuition upfront.

However, some concerns have been raised about the program, Independence Institute education policy center director Pam Benigno stated, “My concern with the Colorado Promise is that very low-income families may not have the upfront funds necessary for tuition. The program relies on a refundable tax credit that they will receive later.”

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