By Kelsey Childress

Many people breathed a sigh of relief when the federal government announced that the IRS will be handing out economic stimulus checks to taxpayers in order to help the lagging economy.

A plan with this scope doesn't come without some confusion, though, as many taxpayers were unsure whether they would receive a stimulus check. According to the IRS Web site, www.irs.gov, eligible citizens must have "a valid social security number, $3,000 of income and file a 2007 tax return." Parents who also have children younger than 17 will get $300 extra for each child they claim on their 2007 tax return.

While it might seem that many students are about to receive $300-$600 checks from the government beginning May 1, that is simply not the case. The IRS stipulates that if a person can be claimed as a dependent on someone else's return, then he or she is not eligible for the stimulus check.

However, there is one exception possible for graduating seniors. The IRS stipulates that "you may be able to claim the [economic stimulus] credit on your 2008 tax return, but you will not receive the advance payment this year, since it is based on your 2007 return." So if students can file as independents for their 2008 tax returns, they might eventually receive their share of the stimulus plan.

Whether a student eventually receives the tax credit from the economic stimulus plan or not, the government should re-consider its guidelines when deciding who gets credit. College students are a valuable force in the economic market and definitely need extra money, as many students are technically living at the poverty level. The U.S. Census Bureau Web site states the 2006 poverty threshold for a single individual is an income of $10,294 or less annually.

Many students, working part- or full-time, contributing to the economy with their own money every day, should be eligible to receive a stimulus check. After all, college-aged students have about $200 billion in buying power annually, according to an article written by Rebecca Gardyn in the November 2002 issue of American Demographics.

Gardyn also states, "The average college student has about $287 to spend on discretionary items per month, or about $3,444 per year. Overall, students spend more than $11 billion a year on snacks and beverages, $4 billion on personal care products, and $3 billion on CDs and tapes." This 18 to 29-year-old demographic is a market that the government should want to target.

Unlike many Americans, college students have the ability to spend extra money on items that would stimulate the economy. The majority of students usually aren't saddled with mortgages, extremely high credit card debt or children. Hopefully, in the years to come, students will be recognized as equally worthy of some help as others living around the poverty threshold trying to make ends meet.

Kelsey Childress is a contributor to Kansas State University’s Kansas State Collegian.

Copyright Brigham Young University 31 Mar 2008