Congress needs to hear from students, faculty, alumni, and others who care about the future of higher education about the importance of preserving endowment resources for student financial aid and other educational purposes. The House-passed budget reconciliation bill includes a major expansion and increase in the endowment tax—diverting critical funds from institutions without improving student access. 

The Senate version of the bill scales back the House proposal to an extent, but it still contains damaging increases to the current endowment tax, resulting in a tax on scholarships that will hurt many students and families.  We urge Congress to reject any expansion of this harmful tax.