Liberals and conservatives alike enjoy demonizing “for profit” colleges, as if the distinction matters. Across America, our inflated, oversubsidized “college is for everyone” system has allowed marginal colleges to offer a wealth of amenities to students at a high cost with no real promise of gainful employment, turning out students who collapse into a stress coma at the mere sight of a controversial image. This has been bad for America, but it’s been a boon for the professional academic class, which is comprised primarily of people who think Vladimir Lenin was a squish.
Republicans have, for the most part, done nothing. Until now. It appears the party may be over:
A Republican member of Congress will introduce a bill that will require America’s wealthiest colleges and universities to allocate 25 percent of their annual endowment incomes to financial aid for poor and middle-class students. Otherwise, the fancypants schools would lose their nonprofit statuses.
The sponsor of the bill is Tom Reed of upstate New York, reports Bloomberg Business.
The draft bill would affect colleges and universities with total assets of over $1 billion. If the schools fail to provide an amount of financial aid equal to at least 25 percent of their endowment incomes for three consecutive years, they would bid a fond farewell to the very generous federal tax exemptions they enjoy for their complex investment portfolios.
Whether or not this will actually work to curb the cost of college remains to be seen. But if anything, it’s cause for Ivory Tower academics to start shaking in their boots.
AAN Staff
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