According to www.barackobama.com, the new administration is pledging to create an American Opportunity Tax Credit to make college affordable for all Americans. This universal and fully refundable credit will ensure that the first $4,000 of a college education is completely free for most Americans, and will cover two-thirds the cost of tuition at the average public college or university and make community college tuition completely free for most students. Recipients of the credit will be required to conduct 100 hours of community service.
The Obama administration also proposes streamlining the financial aid process by eliminating the current federal financial aid application and enabling families to apply for aid simply by checking a box on their tax form, authorizing their tax information to be used and eliminating the need for a separate application.
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