Ohio Lawmaker Proposes Tax Credit To Help Reduce College Debt
A Democratic state lawmaker has proposed a tax credit that could alleviate a lot of college costs for Ohio students.
Studies show in the near future, about two-thirds of Ohio’s jobs will require some college or skilled vocational training. But the cost of getting that education often leaves Ohioans with thousands of dollars in student loans that hinder their buying power and ability to succeed financially.
Democratic state Rep. Dan Ramos, 36, says he pays a couple of hundred dollars each month on student loans. And Ramos says he’s not alone.
“Ohio students graduating in 2017 owed an average of $30,000 in federal or private loans, making the state 14th highest in student debt across the country," Ramos says.
Ramos has a bill to create a state tax credit that to cover 90 percent of that expected family contribution, spreading it out over 10 years. The Ohio Lets Everyone Achieve Right Now (LEARN) tax credit would have students be responsible for the other 10 percent of their expected family contribution.
It could cost the state up to $189 million in its first year, but Ramos says that would be offset by the money graduates would put back into the economy instead of making student loan payments.
Ohio LEARN is waiting to be introduced in the Ohio House.