College Tuition Assistance Act of 2002
Last action on Oct 16, 2002Referred to the Committee on Ways and Means, and in addit...
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Summary
College Tuition Assistance Act of 2002 - Amends the Internal Revenue Code to increase the applicable dollar amount for the qualified tuition and related expenses deduction from $3,000 (for 2002 and 2003) and $4,000 (for 2004 and 2005) to $10,000.
Increases the Lifetime Learning Credit percentage from 20 to 28 percent.
Permits the student loan interest deduction on a per student basis.
Amends the Higher Education Act of 1965 to extend and increase Pell grant maximum amounts ($6,500 for academic year 2003-2004 and $7,000 for academic year 2004-2005).
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