Final answer:
The statement is true; the American Opportunity Credit provides a tax credit for the first four years of post-secondary education to help with costs like tuition and fees. This is part of broader government efforts to support higher education affordability and accessibility.
Step-by-step explanation:
The statement that the American Opportunity Credit applies to qualifying education expenses for the first four years of post-secondary education is true. The American Opportunity Tax Credit (AOTC) is designed to help families offset some of the costs associated with the first four years of college education by offering a credit for qualifying expenses, like tuition and fees. These education tax credits reflect the government's commitment to supporting higher education, which is vital for the growth of human capital and the economy.
According to the Higher Education Act of 1965, one of the government's objectives is to make higher education accessible to a broader segment of the population. As part of these efforts, financial aid programs like the Pell Grant have been expanded, and steps have been taken to ease the debt burden from student loans. The Obama administration's initiatives, such as creating the College Scorecard and capping interest rates for student loans, highlight ongoing efforts to make college more affordable and transparent.