Link to bill: https://www.govinfo.gov/content/pkg/BILLS-118hr6585ih/pdf/BILLS-118hr6585ih.pdf https://www.govinfo.gov/content/pkg/BILLS-118hr6585ih/pdf/BI... S

Link to bill: https://www.govinfo.gov/content/pkg/BILLS-118hr6585ih/pdf/BILLS-118hr6585ih.pdf https://www.govinfo.gov/content/pkg/BILLS-118hr6585ih/pdf/BI... Section 7 is the amendment under discussion here. Definition of an "applicable institution" from 26 USC § 4968(b): https://www.law.cornell.edu/definitions/uscode.php?width=840&height=800&iframe=true&def_id=26-USC-2055825046-565461210&term_occur=999&term_src=title:26:subtitle:D:chapter:42:subchapter:H:section:4968 https://www.law.cornell.edu/definitions/uscode.php?width=840... Takeaways: This modification basically removes federal Stanford and direct plus loan eligibility for schools whose average family net worth (assets held) exceeds $500k. (This isn't just HYP/Ivy's either! Small private schools like Reed and William and Mary might pass this eligibility test, as they have very wealthy student bodies.). However, the actual impact this will have on students coming from poorer backgrounds remains to be seen, for three reasons: 1. These loans tend to not be very large. Anything helps, of course, but a $6k Stafford loan is a drop in the bucket against a $78k/year tuition. 2. These schools tend to issue grants and scholarships to students from disadvantaged backgrounds. These are better than federal loans, of course. Check out what Harvard is doing for the class of 2026: https://news.harvard.edu/gazette/story/2022/03/harvard-to-expand-financial-aid-starting-with-class-of-26/ https://news.harvard.edu/gazette/story/2022/03/harvard-to-ex.... You pay nothing if your family makes less than $75k/year. That's pretty neat! 3. These schools are stupidly insanely selective and everyone applies to them, I.e., it's like Google's hiring problem. Students from wealthier families with always have more resources to help their kids get noticed, and students from poorer backgrounds will have to claw their way in. Same as it ever was. Very disappointing that The Atlantic couldn't cite the source of the actual bill and the section in question.