In a conference call late last week with local reporters, Senator Charles Schumer (D-NY) announced that a tax deduction for college tuition has been budgeted for next year and that he is confident the required legislation could be passed.
Schumer, who made college tuition assistance one of his prime issues during his successful Senate campaign in 1998, is sponsoring an amendment to legislation that would make a considerable amount of a family's annual college tuition costs tax deductible. He stated that the prospect of a tuition deduction on the 2000 tax form will be beneficial to all Americans, and especially to Nassau County residents.
"All too often when we talk of helping people we forget the middle class," said Schumer. "In other words, if you are very rich, you have no problem paying the high tuition, if you are very poor you are going to get all kinds of assistance from the federal and state governments," but there is nothing for the family earning $75,000.
He continued to state that a middle class family earning between $50,000 to $75,000 per year, typical of a Nassau County resident, would be hard pressed to make ends meet when they have to pay a $20,000 tuition bill in addition to property taxes and mortgage payments.
Schumer's proposal, which is being co-sponsored by Republican Senator, Olympia Snow from Wyoming, would provide for a deduction of up to $12,000 per year for tuition paid to a two-year or four-year college or university. The full deduction would include anyone who earns up to $126,000 per year.
Tuition paid to graduate programs or to trade institutions are not covered under the proposal, and tuition paid prior to the implementation of the proposal would not be eligible for the reduction. Interest payments paid on students loans can also be used as a deduction.
"College has increasingly become a necessity for Americans, but what has happened at the same time is that it has become so expensive that it is out of reach," said Schumer.
According to Schumer, tuition costs have risen more than any other part of the family budget between 1980 and 2000, and a look at Long Island institutions, such as Hofstra University and CW Post, shows a concurrent increase.
In 1980, annual tuition at Hofstra was $4,000, and is presently $13,200. Tuition at the C.W. Post Campus of Long Island University in 1980 was $3,700 and is now $14,600. Molloy College's tuition was $1,500 in 1980 is now $11,900. According to Schumer, the average increase for paying for a college education on Long Island between 1980 and 2000 (276 percent) has far outpaced the increase in the rate of inflation (80 percent) during that same time span.
In addition to this statistic, and reinforcing the idea that a college education must be made more affordable to everyone, Schumer noted that between 1980 and 1999 a person's earning power and standard of living increased if they had a two- or four-year degree, but if they didn't their standard of living decreased, even though it was a time of economic prosperity.
Schumer stated that he feels there is a real good chance of passing the required legislation. He admitted that the major obstacle to the proposal would not be people who are opposed to it, but who would rather spend money on other things.