Federal Assistance to Student Car Buyers Launched; Initiative to Provide 20% Student Subsidy for Hybrid Car Purchases

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FASCB, also known as Access Hybrid, prevails upon the federal government to pass legislation granting a one-time, 20% subsidy to qualified buyers, through direct payment or by way of a one-year payment-free exemption on a five-year auto loan.

Young adults are eager and ready to step up to the plate. They want hybrid cars; they simply can't afford them

Federal Assistance to Student Car Buyers (FASCB), an organization dedicated to helping college/vocational school students and recent graduates purchase fuel-efficient cars, officially launched today.

FASCB, also known as Access Hybrid, prevails upon the federal government to pass legislation granting a one-time, 20% subsidy to qualified buyers, through direct payment or by way of a one-year payment-free exemption on a five-year auto loan. The legislation goals are to:

  • reduce petroleum usage
  • reduce air pollutants
  • provide needed financial assistance to college/vocational school commuters
  • financially support new graduates
  • put more young adults in safe cars

"The U.S. has less than two percent of the global oil reserves, yet we use 25% of those reserves. Our daily life is fully reliant on foreign countries. It is time to hit the panic button," according to Maxwell H. Stephenson, Executive Director of FASCB.

Why Students?
Eight countries now boast higher postsecondary entry rates than the U.S. We need to put higher education within reach of those that qualify. Those that don't attend an institute of higher learning cite transportation as one of the top three reasons. Students need cars: 87% commute to campus, most of them by autos; 95% of new alumni drive to work.

When it comes to conserving oil and cleaning up the environment, students are our most resolute citizens.

"Young adults are eager and ready to step up to the plate. They want hybrid cars; they simply can't afford them," Average tuition and fees rose 75% over the past decade; this rate shows little if no sign of slowing this year. The current tax credit for hybrid cars basically ignores this group. "You need something to tax before you can enjoy a tax credit. Students and new graduates aren't yet fully personal with the term, 'taxable income.' On average, they come out of college owing $20, 000," according to Stephenson. "Although numbers are difficult to extrapolate, experts agree that a modest repeat car purchase rate by students over the next several decades would mean a dramatic reduction in pollution and vastly reduce our dependency on foriegn oil."

Savings vs. Costs
"US consumption of imported oil is projected to rise to 70% by 2020. The average temperature has climbed one degree around the world. We can't wait any longer. Congress has the responsibility and authority to reverse these trends. The answer is putting our country's youth in clean cars," says Stephenson.

About FASCB
Based in New York, NY, Federal Assistance to Student Car Buyers, also known as Access Hybrid, through legislation drafting, public education, research, volunteerism and lobbying seeks to develop workable approaches to reducing our nation's dependency on oil and improving our environment.

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