Frank Pallone: “I am glad the gentleman brings that up, and if I can quickly just mention that job training is just as important an…”

“I am glad the gentleman brings that up, and if I can quickly just mention that job training is just as important an aspect of that. What it points out in this article, again, this is in my home paper, the Asbury Park Press, is that most students still are paying a majority of their tuition bills with their own money. So when we talk about these tax incentives or tax credits, they really make a difference. My understanding is, based on what we are hearing, and again we do not have a final document, but what I understand is that of this $35 billion which is now agreed to, that the President insisted on we have a credit of 100 percent of the first $1,000 tuition and fees, and that is in the first 2 years, and then 50 percent of the next $1,000 in 1998 through 2002. And if a student is not eligible for the HOPE Scholarship but is pursuing a postsecondary degree or a certificate or enrolled in a job skills program, a 20 percent credit for tuition and fees up to $5,000 through the year 2000 and $10,000 thereafter is granted. I think the agreement also adopts the student loan interest deduction. So there are a lot of incentives in there for people paying for tuition out of their own pocket, which most people still do.”