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State Senate Passes “2012 College Affordability Plan”

Matthew Cavanaugh, Getty Images

Albany, NY (WIBX) – The State Senate has passed legislation attempting to make college more affordable for middle-class families.

According to Senator Joe Griffo, the “2012 College Affordability Plan” was passed unanimously, and contains several cost saving measures for college students.

Among the highlights are a doubling of the existing tuition tax deduction from $10,000 to $20,000 and the establishment of a $100 million Linked Deposit Student Loan program to offer families low interest loans.

Also included is the creation of a four-year “Stay In New York” tax credit, for those who attend and graduate from a New York college in four years or less, then continue to work and stay in the area for four years.

According to Senator Griffo, the plan “offers an inventive combination of aid solutions instead of just simply throwing money at the problem.”

The bill has been sent to the assembly for review.

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