The costs of college is on the mind of many current students, as well as high school juniors and seniors and their parents. Congressman Tom Reed says there is over 1.4 TRILLION dollars in student loan debt nationwide, and the average student graduating with over 30-THOUSAND dollars in debt. He says in the House and Senate tax reform bill there is a provision that will go after the country’s richest universities with ballooning endowment funds that are currently tax free and make them pay an excise tax of 1.4-percent.
After checking into this over several years, Reed says they’ve discovered some very egregious spending questions.
Reed says the 1.4 percent excise tax on endowments would be for schools that have funds of over 250-THOUSAND dollars per student and more than 5-HUNDRED students.