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POLICY SNAPSHOT
Education is critical to strengthening the middle class and preparing our young people with the skills they need to find good jobs and to compete in the global economy.
Progress
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Ended more than $60 billion in wasteful subsidies for big banks and used the savings to put the cost of college within reach for more families. Read about: ending subsidies for student loan lendersRead about ending subsidies for student loan lenders: http://wh.gov/T0b
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Created a tax credit worth $10,000 over four years that helps 9 million families cover the cost of college.
Read about: the American Opportunity Tax CreditRead about the American Opportunity Tax Credit: http://wh.gov/0Qv
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Expanded Pell Grants to reach an additional 3 million students and raised the current maximum award to $5,550, up from $4,730 in 2008.
Read about: Pell grantsRead about Pell grants: http://wh.gov/T0b
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Capped monthly student loan payments for responsible borrowers who make their payments on time so they aren't held back by debt as they start their careers.
Read about: Income-Based RepaymentRead about Income-Based Repayment: http://wh.gov/T0b
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Created a model financial aid disclosure form that makes the costs and responsibilities of student loans clear before students enroll in college.
Read about: Know Before You OweRead about Know Before You Owe: http://consumerfinance.gov/students/knowbeforeyouowe
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Supported partnerships between community colleges and businesses to train workers with skills local employers need
Read about: strengthening community collegesRead about strengthening community colleges: http://wh.gov/iXQa
What's Next
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Make the American Opportunity Tax Credit permanent to give more hardworking students a fair shot at an affordable higher education and the skills they need to find a good job.
Read about: President Obama's Fiscal Year 2013 BudgetRead about President Obama's Fiscal Year 2013 Budget: http://wh.gov/0Qv
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Rein in college cost by reforming student aid to colleges. Reward schools that set tuition prices responsibly. Schools that do the most to provide students with good long-term value should receive more money to help students attend than schools that don’t.
Read about: Blueprint for College AffordabilityRead about Blueprint for College Affordability: http://wh.gov/K6d
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Provide better information about college costs. Develop tools that compare costs, graduation rates, and graduate earnings among schools to inform student decisions.
Read about: the College ScorecardRead about the College Scorecard: http://wh.gov/KvY
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Improve college quality and value through competition. Invest $1 billion in a competition to provide incentives for colleges to keep costs under control and graduate students on time.
Read about Race to the Top: College Affordability and Completion: http://wh.gov/K6d
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Prepare workers with skills and credentials employers need. Support programs that train workers for jobs in growing industries like high-tech manufacturing and IT.
Read about: workforce training programsRead about workforce training programs: http://wh.gov/0mT
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