Free Community College for All?
It would require a lot of money and student mentorship programs.
Community college has long been an affordable alternative to a four-year degree. So when President Obama recently announced a plan to offer two years of community college at no cost to students, Americans’ ears perked up. Some states and cities already pick up the tab for select students, and these programs offer clues about what a federal program might look like.
See Our Special Report: Best College Values, 2015
States that help cover college costs for eligible students include Georgia, New Jersey and Tennessee; cities include Chicago, Pittsburgh and Syracuse, N.Y. The programs vary, but most limit funding based on family income and kick in after federal and state aid is exhausted. Many programs require students to earn good grades—in high school, while enrolled at the community college, or both.
For such programs to work, they need sufficient financial backing, quality controls and tools to help students perform well, says Thomas Bailey, director of the Community College Research Center at Columbia University. For example, Tennessee’s program, which launches this year and is open to all in-state residents, includes a mentorship program to help students graduate.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
But funding can be a problem. To save money, New Jersey scaled back its program in 2009 to cover fewer students. A plan on the drawing board in Michigan would cover tuition at the state’s participating community colleges and public universities, but it would require students to pay a portion of their future earnings to finance the program.
With a $60 billion price tag over 10 years and a Republican-led Congress, Obama’s plan is unlikely to be approved anytime soon. But students can explore other low-cost options for furthering their education or boosting their careers by earning nondegree credentials—for example, at computer-coding boot camps or by enrolling in certificate programs sponsored by community colleges and companies such as Microsoft.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
-
Stock Market Today: Stocks Shrink From Highs as CPI Looms
The Nasdaq hit a new record early Tuesday but drifted lower into the closing bell.
By David Dittman Published
-
Tax Pros: Is Someone Fraudulently Using Your IRS PTIN?
Tax Filing An unmonitored preparer tax identification number (PTIN) can lead to serious issues.
By Kelley R. Taylor Published
-
529 Plans: A Powerful Way to Tackle Rising Education Costs
Contributions to 529 plans grow tax-free and are not taxed when they are used to pay for qualified educational expenses for the beneficiary.
By Denise McClain, JD, CPA Published
-
Roth IRA Contribution Limits for 2024 and 2025
Roth IRAs Roth IRA contribution limits have gone up. Here's what you need to know.
By Jackie Stewart Last updated
-
Four Tips for Renting Out Your Home on Airbnb
real estate Here's what you should know before listing your home on Airbnb.
By Miriam Cross Published
-
Five Ways to a Cheap Last-Minute Vacation
Travel It is possible to pull off a cheap last-minute vacation. Here are some tips to make it happen.
By Vaishali Varu Last updated
-
How to Figure Out How Much Life Insurance You Need
insurance Instead of relying on rules of thumb, you’re better off taking a systematic approach to figuring your life insurance needs.
By Kimberly Lankford Last updated
-
Amazon Big Deal Days Is Coming! We’ve Got All the Details
Amazon Prime To kick off the holiday season with a bang, Amazon Big Deal Days runs Tuesday, October 8 and Wednesday, October 9.
By Bob Niedt Last updated
-
How to Shop for Life Insurance in 3 Easy Steps
insurance Shopping for life insurance? You may be able to estimate how much you need online, but that's just the start of your search.
By Kaitlin Pitsker Published
-
Five Ways to Shop for a Low Mortgage Rate
Becoming a Homeowner Mortgage rates are high this year, but you can still find an affordable loan with these tips.
By Daniel Bortz Last updated