“We must use all available tools to make sure college is affordable and accessible”
Rep. Tom Reed of New York has released a plan intended to help stem the rising cost of college and it’s not bad.
The Hill reports:
GOP lawmaker releases plan to control college costs
Rep. Tom Reed (R-N.Y.) on Monday unveiled a blueprint that describes steps Congress could take to reduce college costs.
“We must use all available tools to make sure college is affordable and accessible,” said Reed, a member of the House Ways and Means Committee and a vice chair of Donald Trump’s transition team. “That’s why our proposal forces colleges to be transparent about how they are spending tuition dollars.”
The blueprint, called “Our Vision for Students,” describes upcoming legislation from Reed that he intends to introduce in the future.
One of these bills would require college with endowments of more than $1 billion to spend at least 25 percent of the endowments’ investment gains on lowering the cost of college for middle-class families. Colleges that didn’t do so would immediately have their investment income subject to a 30 percent tax, and the tax rate could increase to 100 percent if the violations persisted.
Another proposal would require colleges to disclose more information about perks provided to administrators and the schools’ investments.
A third bill Reed intends to introduce would require colleges to submit cost-containment plans to the Department of Education. Schools that are able to keep cost increases below inflation could be rewarded, and schools that don’t meet their goals would be penalized.
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