Education

Will endowment taxes increase college access? (opinion)

Inside Higher Ed: The recently enacted tax on the investment returns of highly endowed private colleges and universities affects a small -- albeit growing -- number of institutions, limiting proceeds and removing revenue generation as a plausible justification. The rationale behind the tax is largely based on the vast resources held by the affected institutions, their high cost and the underrepresentation of lower- and moderate-income students on their campuses. Tom Reed, a Republican congressman from New York, believes the tax will help promote “a good-quality education with an affordable price tag” at affected colleges and universities. But while important issues of access remain, the focus on price and affordability indicates a misunderstanding of the financial aid system and the tuition charged by these institutions.

Virtually all colleges that will be subject to the endowment tax fall into the category of institutions with “meet full need” financial aid policies. The idea is that any accepted student is provided with sufficient financial assistance to bring the cost of attendance in line with the family’s ability to pay. In practice, determining what a family can afford is difficult, and the family may still struggle finding those funds. But colleges that at least attempt to accomplish this goal are using their financial resources to support improved access.

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