Third Stimulus Package Can Benefit Students

Third+Stimulus+Package+Can+Benefit+Students

Andrew Coates

The latest federal stimulus bill signed by President Biden includes many economic benefits amidst the COVID-19 pandemic. Many new measures added in the latest bill may be beneficial to Bucks students.

Over the past 12 months, many Americans have seen some sort of financial impact due to the ongoing pandemic. More times than not, this impact has been negative to downright devastating at times.

The government has sent out multiple stimulus checks, increases in unemployment benefits and other measures over the past year in efforts to help eligible individuals and other entities, such as small businesses.

The American Rescue Act of 2021, which is the third and latest economic stimulus package, signed by Biden, includes a payment of $1,400 to each individual eligible.

This stimulus payment is unlike the previous packages as the newest payment makes adult dependents eligible. Adult dependents, anyone who is 18 or older who is claimed by their parents or caretaker, were one of the only ineligible demographics previously. This allows many Bucks students to now partake in stimulus funds.

In addition to the stimulus checks, students have a few other financial benefits from the latest package. The first of which would be student loan forgiveness tax-free through 2025. Any Bucks student currently on unemployment will see an extension in benefits and other unemployment services.

In addition to unemployment benefits, any student who has children may be eligible for the Child Tax credit. This credit was also created in the American Rescue Act, and parents can collect up to $3,600 per child if eligible.

The American Rescue Act also allowed further funding for higher education, as well as funding for vaccines, mental health, small business and housing assistance. This funding will allow Bucks County residents to get help they need in many different financial situations.

If you have not received a stimulus payment, you can look into the matter through the IRS’s “Get My Payment” tool, which will tell you when you are getting your payment or why you have not yet received it. The IRS has announced that they are releasing payments in phases. Which may cause delay of some people’s payments.

Other information regarding eligibility for stimulus payments and finding information about filing for your 2020 taxes can be found on the IRS website at irs.gov.