On Tuesday, members of the House Committee on Education and the Workforce met to discuss a bill that would expand short-term Pell Grants. But deep inside that bill was language that would have a far more dramatic effect on higher education: It would ban students who attend Harvard, Yale, Princeton, or any of the roughly 50 other wealthy, private colleges subject to a tax on their endowment from taking out federal student loans.
On Tuesday, however, committee members argued that the ban is necessary. As with any bill before Congress, lawmakers considering the short-term Pell expansion were asked to find a 'pay-for' - that is, to find money elsewhere in the budget to cover the cost of the new grants. In a bipartisan effort, both Republican and Democratic members of the committee looked to the wealthiest colleges in the nation as the ideal place to find the extra cash.
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