Expanding tax credits has done little to help college students

Despite the billions of dollars the government spends on education tax credits, new research shows nearly 40 percent of undergraduate college students are ineligible to receive them, raising questions about whether the benefit is a good way to help families pay for school. 

Tax credits are lauded by some politicians as an efficient way to address the high cost of college. As a result, the federal government in 2014 spent $23 billion on three programs offering tax credits for college tuition, books and supplies. But researchers at the New America Foundation found that restrictions in the programs and the way credits are calculated limit the reach.