Robert Besser
13 Feb 2025, 19:33 GMT+10
WASHINGTON, D.C.: Republicans in Congress are looking for ways to cut government spending, and some lawmakers have suggested new taxes on college scholarships, ending some student loan repayment plans, and increasing taxes on university endowments.
These ideas are being discussed as part of a plan to extend tax cuts from Donald Trump's first term. It is unclear if they will become law, but many higher education advocates are worried.
One proposal would eliminate some student loan repayment options, including the SAVE plan, which helps low-income borrowers by reducing or pausing payments. Another idea would allow borrowers to recover from loan defaults twice instead of just once.
There is also talk of taxing scholarships and fellowships that are currently tax-free when used for tuition. This could make college more expensive for students and families.
Lawmakers are also considering increasing the tax on university endowments from 1.4% to 14%, which would apply to more colleges. Other proposals include fines for schools that violate anti-discrimination rules under Title VI of the Civil Rights Act.
It is uncertain when these ideas might be introduced, but Republicans could try to pass them through a budget process that requires only their votes.
Get a daily dose of Trinidad Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Trinidad Times.
More InformationSEOUL, South Korea: On May 30, South Korea's leading left-wing presidential candidate, Lee Jae-myung, said he wants to change the Constitution...
WASHINGTON, D.C.: U.S. federal officials are looking into an attempt by someone who pretended to be White House Chief of Staff Susie...
SEATTLE, Washington: Amazon has struck a significant deal with The New York Times to license its journalism for use in AI tools like...
SEOUL, South Korea: Lee Jae-myung, a liberal South Korean politician, is leading in the polls ahead of the June 3 snap presidential...
GENEVA, Switzerland: A massive glacier collapse in the Swiss Alps sent a torrent of ice, mud, and rock crashing into the evacuated...
ANKARA, Turkey: Turkish President Recep Tayyip Erdogan said this week that he has appointed a group of legal experts to begin drafting...
London [UK], June 2 (ANI): Following his side's hard-fought win over West Indies in the second ODI, England batter Joe Root said that...
Johannesburg [South Africa], June 2 (ANI): Former England pacer Stuart Broad has been roped in as a consultant for the South Africa...
Slovakia opposes EU's plan to end Russian energy imports: PM Slovak Prime Minister Robert Fico said on Sunday that his government...
Cardiff [UK], June 2 (ANI): Joe Root etched his name further into England's cricketing history books as he became the country's leading...
(Photo credit: Marc Lebryk-Imagn Images) Kyle Kirkwood fended off Santino Ferrucci to notch his second win of the season at the Chevrolet...
BEIJING, June 1 (Xinhua) -- China on Sunday began implementing a trial policy that unilaterally grants visa-free entry to citizens...