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Kick Start to College Act The American dream is built on the idea that hard work and education is the key to better opportunities and building a better way of life. However, for too many Michigan families, this dream is being pushed further and further out of reach as college costs continue to rise. Over the past decade, college tuition and fees increased by 51 percent at 4-year public colleges and universities and by 36 percent at private ones. The average community college tuition and fees have increased faster than the rate of inflation. Senator Stabenow understands the financial crisis facing families as they prepare to send their children to college and achieve the American dream. She has authored the Kick Start to College Act to help make college more affordable for Michigan families. Helping Michigan Families Save Early for College The Stabenow Kick Start to College Act would help families save for college by providing up to a total of $6,000 in college money for families who start saving early. Under the Stabenow bill, a family would receive an annual tax credit up to $1,000 for every dollar they save towards their child’s higher education. This $1,000 would be credited directly to the child’s college savings account and a family could receive a total maximum tax credit of $6,000 over 6 years. To receive the maximum amount, a family would have to start saving in the early years when their child is between the ages of one and six years old. |
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