Mesa Legend

Issue date: 8/25/08 Section: News

Which presidential candidates plan is best for your money?

Presidential candidates Barack Obama and John McCain have both specifically mentioned college students in their proposed economic policies.

Obama plans to establish an American Opportunity Tax Credit that would make the first $4000 of tuition free for most students, which he says is two-thirds of the average cost of one year at a public university.

The tax credit would be universal and fully refundable to help low income families and would be made available at the time of enrollment when tuition is due instead of when tax returns are filed.

McCain, on the other hand, intends to set up a Student Loan Continuity Plan.

In case credit problems disrupt student loans, McCain calls on the federal government and the 50 governors to anticipate loan problems and expand the lender-of-last-resort capacity for each state's guarantee agency.

A large part of Obama's policy concerns credit cards and protecting consumers, including students, from unfair practices by creating a credit card bill of rights.

Obama also wants to simplify the tax system by making tax returns doable in less time with less stress with the added benefit of saving people the money they would have paid to have a professional do the return.

McCain plans to have a gas tax holiday during the summer and suspend the federal tax, which is currently 54 cents, between Memorial Day and Labor Day.

Both candidates have plans concerning the housing situation, mortgage fraud reform and controlling government spending.

Both also say that one way to help the economy is by investing in green technology and domestic manufacturing.

McCain's energy policy, the Lexington Project, would increase offshore drilling, build new nuclear power plants, research clean coal technologies and encourage the market for renewable sources like hydro, wind, and solar with tax credits.

The Arizona senator also wants to work on making better battery powered cars and increasing the energy efficiency in government buildings.

Obama's plan calls for more job-training programs and youth programs in clean technologies and increasing the renewable energy sector to create more jobs.

In addition to possible future economic policies, college students could be affected by the College Opportunity and Affordability Act of 2008, recently passed by Congress.

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