Maintaining a strong education system is a key to surviving and overcoming the recession. The 2009 economic stimulus bill invests funds to help keep America’s teachers teaching, prevent cutbacks in educational programs and make college attendance more affordable. Here are some highlights:
Preventing Teacher Layoffs and Program Cutbacks
The 2009 economic stimulus bill establishes a $53.6 billion State Fiscal Stabilization Fund, including $39.5 billion to local school districts using, which can be used for preventing teacher layoffs, preventing program cutbacks and promoting school facility modernization programs.
Making College More Affordable
The bill increases the higher education tax credit (the Hope Scholarship) to a maximum of $2,500. It also makes the higher education tax credit available to nearly 4 million low-income students who had not had any access to it in the past – by making it partially refundable.
The bill also increases the maximum Pell Grant by $500, for a maximum of $5,350 in 2009 and $5,550 in 2010.
Also see: Federal Student Aid Primer