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Helping Ohio Families Afford College
By U.S. Sen. Sherrod Brown
Guest Column
College costs are sky-high and climbing. Right now, many
families across Ohio are waiting on their financial aid
packages. For many students and their families, those aid
packages can force agonizing choice over budgets, savings,
and which school to attend—or whether a student can afford
school at all.
Investing in college shouldn’t bankrupt families.
We can and must do more to make college affordable for
middle class families.
That’s why I am supporting legislation that would increase
and expand eligibility for a tax credit that supports
working families paying for a college education. Millions of
students and their parents already take advantage of the
American Opportunity Tax Credit (AOTC), which allows
families to offset some of the cost of college tuition.
This credit is a lifeline for many families struggling to
afford college and give their kids the best-possible
education. Last week my office released a report showing
that more than 373,000 Ohio families used the AOTC tax
credit in 2012 and saved more than $426 million.
My legislation would expand the AOTC, increasing the savings
a family can receive up to a maximum of $3,000 per year, per
student. It would also make the credit available to all
families earning up to $200,000 per year. And it would make
the AOTC permanent, eliminating uncertainty for the families
who depend on it.
College is the surest onramp to the middle class. But its
price is out of reach for too many students, and it breaks
the bank for too many families.
And each year students take on more and more debt to finance
their educations. It’s crippling Ohioans and hurting our
economy. That’s why providing help to families now, before
students take on even more debt, is critical.
I urge all Ohioans to visit the IRS website and find out if
they are eligible to claim the AOTC. While Tax Day has
passed, you can claim a past AOTC for any of the past three
years by filing an amended tax return. Information on filing
amended returns can be found on the IRS website.
Ohioans are already saving money with this tax credit, and
could save thousands more if we pass this legislation. A
college education shouldn’t be bankrupting Ohio families.
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