Rep. Tom Reed (R-Corning)
WASHINGTON – Congressman Tom Reed (R-Corning, NY 23) has unveiled a comprehensive proposal aimed at reducing college costs for incoming college students and their families.
According to Reed, the Vision for Students is a comprehensive plan that focuses on innovative solutions to encourage transparency and accountability at colleges, which will bring overall costs down.
The plan includes Reed’s REDUCE Act which requires schools with endowments larger than $1 billion dollars to use returns on those endowments for direct tuition relief for middle and working class families or risk hefty tax penalties.
In addition, the proposal requires colleges to submit plans to keep costs below the rate of inflation. Should colleges fail to comply with these plans, they could see reductions in certain federal aid programs. That funding would then be redirected to schools that perform well and keep costs low.
Lastly, the proposal requires colleges to disclose administrator salary information and total compensation, including extravagant benefits packages that include housing expenses, vehicles and membership fees to elite social clubs, for all college employees. That information will be disclosed on the individual college website in a searchable format.
Reed has announced a specific time that he’ll introduce the bills. he said he will push the bills when there are opportunities to pass them. Some of the measures could be included in tax-reform legislation, according to Reed.
There appears to be nothing in this plan that would actually lower or even hold costs down on college, especially for those who attend public colleges. And I don’t know how the government could make private schools spend their money in a specific way, although it would be a good idea for them to spend their money on tuition assistance. This is just a useless press release that will do nothing for the students.