$4000 educational refundable tax credit

I was looking at the Obama plan for education on change.org.

They are a little sparse on details, but the way I understand the plan is this:

Most students will be eligibile for a $4000 refundable tax credit to be used for education, in exchange for 100 hours of community service.

My thoughts on the matter are these:

$4000 dollars for 100 hours of work works out to $40 an hour. Since this is a refundable tax credit, that $40 an hour tax free. I’d work for that.

I have two kids, $8000 for college would be pretty sweet, but I suspect I make too much to qualify.

You can get a lot done with large numbers of kids putting in 100 hrs each. Also, it would be a good thing to introduce the youth to community service.

This is an incredibly huge entitlement for the tax payers to foot. Because it is a credit rather than a loan, the taxpayers will never get that money back.

Why shouldn’t people pay for their own college?

My biggest concern is one that is probably misplaced. Should I consider this huge entitlement to really be an investment, that the $4000 per student (Fred you like to add things up, what number of kids start college every year, what number do you arrive at if you multiply that by $4000, then divide it as cost per taxpayer or citizen?) is really an investment, and that it is worth it for the taxpayers to foot the cost in order to improve higher education in America?

The reason why this question might be misplaced is I think there will be an income cap, so the effect will be to give money to lower income people for college. If that does turn out to be the case, is it worth it for the taxpayer to shell out $4000 a piece for needy kids to go to college?