“Instead of rewarding institutions for forcing increasing debt on students, we must address the root issue,” said a statement from Joyce.
Student debt relief advocates gather outside the Supreme Court on Capitol Hill in Washington, Monday, Feb. 27, 2023, ahead of arguments over President Joe Biden's student debt relief plan. WASHINGTON, D. C. - Saying that wealthy, elite universities need to take responsibility for ballooning student debt, U.S. Rep. Dave Joyce has introduced legislation that would require them to pay more taxes on endowment profits, and increase the number of schools that pay such taxes.
Joyce’s bill would boost the yearly tax rate levied on annual private university endowment profits to 10% from the current 1.4% rate. Those that raise the net price of attendance above the rate of inflation over the preceding three years would face a 20% tax rate. Joyce’s office says data from the past 20 years shows that the average cost of tuition and fees for both private and public national universities has risen significantly for both in-state and out-of-state students. It says that in the next academic year alone, the median increase in published tuition prices at America’s top 20 colleges will be 3.7%, resulting in a median sticker price for undergraduate tuition of $58,396.
Instead, they say colleges and universities whose endowments grew due to high investment returns over the last twenty years become more selective, enrolling fewer students who were eligible for federal Pell Grants and smaller percentage of Black and Hispanic students.
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