Tester: Raise awareness of education tax credits
Senator says credits reduce student loan debt, make education more accessible
(BIG SANDY, Mont.) – Senator Jon Tester is pushing the federal government to better inform students and their families about education tax credits to help more Montanans go to college and continue their educations.
A recent report says that one in every six tax filers does not maximize their higher education tax benefits. In response, Tester wants the government to create a simple, easy-to-understand guide to education tax benefits and better publicize the education tax benefits available through the federal student aid application process.
Tester says raising awareness of the tax credits, as well as tax-free savings plans and tax deductions, will make higher education more accessible and affordable for Montanans.
“We need to make sure that students and their families know about all of the tools available, beyond student loans, to help pay for college – including savings plans, tax credits, and tax deductions,” Tester and his colleagues wrote. “The Administration has been focused on ensuring that college is affordable and accessible to anyone interested in obtaining post-secondary education – goals that we strongly share.”
Tester, a former teacher, is also a co-sponsor of the Federal Student Loan Refinancing Act. The bill will save students money by allowing borrowers with existing federal student loan rates above four percent to consolidate their loans and refinance at a fixed four percent rate.
Tester’s letter to Treasury Secretary Jacob Lew and Education Secretary Arne Duncan is available below.