Under the Tax Cuts and Jobs Act, a large percentage of undergraduate and graduate students will see their tax bills increase, some dramatically, according to a report in The New York Times.
All told, the House version of the bill would reduce tax benefits and savings for college students by $65 billion over the next decade, according to an estimate by the American Council on Education.
The House tax bill would tax the value of college tuition benefits conferred on thousands of university employees. Interest paid on students loans - a deduction more than 12 million people used in 2015 - would no longer be tax deductible.
"These benefits ensure the brightest and best in the country can afford an education," said Steven M. Bloom, director of government relations for the American Council on Education. "Congress is sending a clear message that they'd rather use that money for corporate tax breaks."
AAU President Mary Sue Coleman said the tax proposals "will have dire consequences for Americans who rely on research universities for undergraduate and graduate education."