It seems these days that we all know a young adult, parent, or friend taking on substantial debt to pay for a college education.
Over the past decade, tuition skyrocketed at Minnesota’s public colleges and universities due to perpetual cuts to our state’s higher education budget. The previous legislature’s decision to cut hundreds of millions in funding for the University of Minnesota and MnSCU systems only made matters worse, placing an even greater financial burden on students already saddled with record levels of debt.
In order to build the kind of highly educated workforce needed to attract and retain major employers, we need to make sure a college education is within reach for all Minnesotans—regardless of income or financial background.
That’s why the DFL-led legislature passed a budget earlier this year that takes serious steps to make college more affordable.
For example, our new state budget freezes tuition over the next two years for undergraduates attending the University of Minnesota and MnSCU systems. It also boosts financial aid for all college students, including those attending private institutions like St. Olaf and Carleton College here in Northfield.
While much more needs to be done to bring down the cost of a post-secondary degree, we took a major step in the right direction towards greater college affordability.
Our new state budget is making a positive impact on K-12 students as well, with schools gaining new tools and resources designed to help every child reach his or her full potential.
For example, public schools will receive a funding increase in each of the next two years. In terms of the local impact, public schools in Northfield will receive an additional $410,000 in Fiscal Year 2014 ($116 more per student) and an additional $1.5 million in FY15 ($447 more per student).
In addition, 8,000 families are now eligible for scholarships to send their children to high-quality preschool programs. And next year, every child will have access to all-day Kindergarten free of charge.
These kinds of investments in our youngest learners are well worth making. They not only prepare our children for academic success, but they also create substantial savings for parents who pay out of pocket for early education programs. In some school districts, moms and dads will save as much as $4,100 on costs for all-day Kindergarten.
Another way you can save money on your child’s education is by saving your receipts when purchasing school supplies. The state of Minnesota offers tax breaks for school-related expenses for Kindergarten through 12th grade students attending public, private, and home schools.
Parents can choose one of two options: a refundable K-12 education credit or the K-12 education subtraction. Both programs reduce the tax parents pay and could provide a larger refund when filing a 2013 Minnesota Individual Income Tax Return.
The tax breaks and deductions cover expenses including paper, pens and notebooks, textbooks, computer hardware and software, after-school tutoring and educational summer camps, and rental or purchases of educational equipment such as musical instruments. For more information, you can call the Minnesota Department of Revenue at (651) 296-3781 or visit their website at www.revenue.state.mn.us.
I hope you and your loved ones enjoy your final days of summer and have a great start to the school year.
Please contact me with any questions or comments by phone at (651) 296-0171, by email at rep.david.bly@house.mn, or by postal mail at 559 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., St. Paul, MN 55155.