The Griffin Chronicle

How the GOP Tax Bill Will Affect High School Students

Hunter Hughes, Director of Data Development

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The GOP Tax Bill has shown up in the majority of the news after it had narrowly been approved by the Senate. However, some of the objectives of the GOP Tax Bill can directly affect you, a high school student, in the college process and more.
One of the points that are made clear in the GOP Tax Bill is the elimination of student loan forgiveness through public service. There are many jobs that are offered in public service that after working a designated time in that job, the government will forgive any student loan debt that you have. In the GOP Tax bill, this will be eliminated. In eliminating this program, this will also eliminate an avenue of eliminating student debt.
Another thing that potentially impacts high school students is the endowment tax that would be placed on certain private colleges. Colleges such as Harvard and Yale that have endowments larger than $500,000 per student will have to pay a 1.4% tax on their endowment to the government. With private colleges potentially having to sacrifice money, that means their financial aid policies could be potentially damaged, meaning less money offered to accepted students as some of these selective colleges.
For students who are trying to pursue a graduate degree, there are some effects as well. Students who work as researchers are able to have their tuition reduced significantly. However, in the bill that was passed by the House, the reduction in tuition can be considered taxable.
The GOP Tax bill will also cut student loan deductions. When one pays their taxes, if they are the midst of paying for a student loan, they are eligible for a deduction up to $2,500. This would be eliminated as a result of the GOP Tax bill.
Overall, the GOP Tax Bill, in concerns with direct effects on high school students, as many negative effects.

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How the GOP Tax Bill Will Affect High School Students