The Associated Press October 13, 2010, 3:39PM ET

Virginians save $377M from fed tax credit

Virginia families have saved about $377 million thanks to the federal American Opportunity Tax Credit.

The credit was part of the American Recovery and Reinvestment Act. It gives a tax credit to families with tuition expenses.

The Treasury Department on Wednesday issued a new report analyzing how the tax credit has made college more affordable for more Americans. It says the credit increased overall tax benefits for higher education expenses by more than 90 percent, helping 12.5 million students and their families pay for college in 2009.

In Virginia, 205,000 families saved an average of $1,837 per family.

President Barack Obama held a meeting Wednesday with college students and their families on the impact of the tax credit.

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