Colorado Offers 2 Years of Free College Via Tax Credit

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The increasing cost of college has become a significant barrier for many would-be students who want to earn a degree but simply can’t afford the cost. Now, students in Colorado could get a head start on achieving their educational goals without emptying their wallets.

Last week, the state’s governor Jared Polis signed a bill to make the first two years of college free for students who qualify. Eligible students will be able to attend community college or trade school at no cost, and those who desire a four-year degree can save up to half off the full cost of tuition.

The bill, entitled Colorado Promise: Two Free Years of College Expanded, specifies that final eligibility will be determined by specific colleges and universities across the state. Still, students with a family income of less than $90,000 per year should qualify for tuition reimbursement.

According to Governor Polis, “Two years at any public four-year college, community college, or trade school are now free for more Coloradans. This will strengthen Colorado’s workforce, provide new pathways for students to gain in-demand skills, and save Coloradans thousands of dollars – helping ensure that higher education is affordable for everyone.”    

Those students who qualify for free college in Colorado will still need to pay the cost of in-state tuition upfront. They will then receive a tax credit for the full cost of tuition when filing their state taxes.

With the bill signed into law, Colorado joins roughly 30 states in the U.S. that offer free community college. President Biden is still working to pass federal legislation to make a two-year degree free for all Americans.

Source: CBS News: New Colorado Law Makes 2 Years of College Free for Students who Qualify
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