Bob Dole Stands on Student Loans
Dole is Committed to Helping All Americans Pursue Higher Education
Bob Dole knows how important the role of the federal government is in ensuring
access to and the of higher education. The government put Bob Dole through
college after he served in World War II with the help of the G.I. Bill -- a
piece of legislation that has allowed hundreds of thousands of former American
servicemen and women to go to college.
Bob Dole and Jack Kemp believe that it is critical that the federal government
protect and expand opportunities for all Americans to pursue a higher
education. That is why a Dole-Kemp Administration will be committed to
increasing quality, choice and accessibility in higher education.
The Dole-Kemp plan for economic growth contains provisions that will:
Create Penalty-Free IRA Withdrawals for
Our tax code is hostile to parents trying to save for a child's college
education. A Dole-Kemp Administration will reverse this and encourage
savings. Specifically, under individuals would be eligible to withdraw funds
from an IRA account to pay for tuition or related higher education costs for
themselves, a child, or a spouse without any penalty.
Create Education Investment Accounts
A Dole-Kemp Administration will establish "Education Investment
Accounts" to give low- and middle-income parents more incentive to save
for their child's college education. Money can be deposited into these accounts
and saved tax free, up to a limit of $500 per child each year as long as the
funds are left in the account for at least five years. The money can then be
withdrawn to pay for tuition, fees, books, computers, and other expenses at an
accredited college, university, or other post-secondary institution.
Restore the Interest Deduction for Student
Our tax system should be make it easier for Americans to pursue higher
education. That is why the Dole-Kemp economic growth plan restores a sensible
deduction to the tax code that will benefit students and their families. Under
this provision, low- and middle-income individuals who are paying off their
student loans will be able to deduct the interest paid on qualified student
loans for five years.
Bob Dole and Jack Kemp are also committed to:
- Increasing funding for
student loans so that all Americans have the opportunity to go to college.
- Protecting the federal
interest subsidy and 6-month grace period for students and parents.
- Keeping interest rates low
for parents who take out loans for their children.
- Increasing the maximum Pell
grant award for the most needy students.
A Better America
With Bob Dole as President, the government will fight to protect and expand
opportunities for higher education for all Americans.
Source: Bob Dole 1996 Official Campaign Web Site