American Recovery and Reinvestment Act of 2009 - Financial Aid - Cedarville University

http://www.cedarville.edu/departments/financialaid/american_recovery_and_reinvestment_act.cfm

Inspiring Greatness
Announcing significant increases in financial aid
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American Recovery and Reinvestment Act of 2009

Understanding the Financial Aid-Related Benefits for Families

Last update: 3/4/09

More Information

Stimulus Act Impacts College Savings
(College For Less)

The $787 billion American Recovery and Reinvestment Act of 2009 could have an impact on how you build and spend your 529 college savings account. Learn more.

Tax Benefits from Stimulus Act (Forbes)

The economic stimulus plan creates a new tax break for college: The American Opportunity Education Tax credit. Even if your family hasn't qualified for earlier college tax credits, this one might provide you with thousands of extra dollars. Learn more.

Cedarville Financial Aid Increases for 2009-2010

The passage of the federal American Recovery and Reinvestment Act of 2009 included education-related components that will benefit Cedarville University families. Although details of the economic stimulus package are continuing to be understood and articulated by the Department of Education, the following information is known:

  • Pell Grants will increase up to $619 per eligible student for 2009-2010. Pell Grants will increase an additional $150 in 2010-2011.
  • The education tax credit has increased and has broader eligibility criteria for tax years 2009 and 2010. The Hope Tax Credit of $1,800 is replaced with the American Opportunity Education Tax of $2,500.
  • Additional funding to expand Federal Work Study opportunities.
  • Expanded use of 529 College Saving Plan funds to include computer, software, and Internet service purchases.
  • Increased health insurance availability for unemployed workers (government will pay 65% of COBRA for 9 months)

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Cedarville University Institutional Financial Aid Increases for 2009-2010