Sometimes it’s hard to see how politics apply to our lives. It can seem so far away at times. However, according to reports, the Trump administration has recently been trying to pass a new bill that can negatively impact thousands of American students across the country. Under this bill, tuition waivers would be counted as income and therefore be taxable. This means students that have taken out loans might be forced to pay taxes on their loans.
This tax plan will significantly reduce the number of people who are able to attend graduate school, law school, medical school or even undergraduate studies. To break it down, if your current income is around $30,000 a year and you pay an estimate of $3,000 in taxes and you have a student loan of $50,000 then your total yearly taxable income would be $80,000 and your taxes would be $8,000. This taxes money you never truly see since most students use their student loans for (surprise) school.
Higher education already isolates different disadvantaged communities and schools in America are extremely segregated. The sad truth is that most people of color don’t have the funds to send their children to higher education facilities without student loans. And they certainly cannot afford their taxes to be nearly tripled. This tax plan is another way to deny the advancement of disadvantaged groups that need an education in order to get out of their communities.
Courtesy: CNBC
If Trump’s tax bill is passed, the effects on higher education will be unmistakable. The influx of students will decrease dramatically; only students that can afford the new tax “cut” can attend college. This means that the types of students that attend school would be highly selected. When young adults attend college they gain more than just an education in their field of choice—they learn independence and make connections that are beneficial to the outside world.
All students should rally together to put an end to this horrendous bill. As the business world matures, a high school degree or even a bachelor’s degree doesn’t meet many employers’ standards. Increasing the price of school for those who need loans will only isolate groups of people from entering the workforce. Please call your senators and ask them to vote no on this new bill.
Courtesy: Rolling Stone