US lawmakers consider eliminating tax-free status for scholarships, affecting millions of students

US House Republicans are considering proposals to eliminate the tax-free status of scholarships and impose a 14% tax on college endowments. These changes could significantly impact millions of students, increasing the financial burden of attending college. The tax-free status for scholarships has been essential for many families, while the proposed endowment tax hike would affect universities, particularly those with large endowments. Critics warn that these measures could reverse progress in making higher education more affordable.