College credit or Deductions for More Americans

by ed
(grapevine, tX )

The income requirements should be higher to receive a tax deduction or credit. The cost of college has increased faster than incomes. Working parents with moderate dual incomes become exempt from the deductions and credits afforded to others. Paying for tuition, books, room & board at a state school, today, can cost in excess of $25K per year, (not to mention basic cost of living expenses), all of which is paid entirely out of pocket for us.

God forbid we have 2 or more children going to school at the same time. We are saddled with "PLUS" loans for $100s of thousands of dollars to repay or worse yet, pass the expense on to our kids and saddle them with a "lifetime" loan repayment.

We don't receive tuition help ( with exception of the top couple of % that receive scholarships), the rest of us bear the full burden.
If we can bail out the banks, I think we could afford to insure our kids get a decent education without forcing the families into bankruptcy.

ANSWER:
The only observation I would make is that scholarship opportunities are less limited than most people believe. Families should spend the time (not the money) to research them months (or years) before tuition bills are due. They are there- and many do not even get used, year after year