The House of Representatives has released its long-awaited Tax Cuts and Jobs Act. As expected, it lowers tax rates and simplifies the tax code. But while that sounds great, tax credits and deductions are often popular. They can affect the choices people make. For example, many Christians have pointed to the importance of the adoption tax credit as a tangible pro-life measure.

Similarly, the education community is concerned about changes that might make it harder for students to remain enrolled, either at the undergraduate or at the graduate level. Financial aid expert Mark Kantrowitz has a great run-down of education tax benefits that are either cut or changed by the GOP bill. Two items stand out.

No More Student Loan Interest Deduction

For now, low- and middle-income taxpayers can exclude up to $2,500 in interest paid on federal and private student loans. They can do so even if they don’t itemize. How much do people actually save this way? According to an analysis from AEI, the average benefit per tax return for this deduction is just $202.

And if you’re truly poor, you’re probably not paying federal taxes anyway. The only way to take advantage of this deduction is to have a positive income tax liability. Also, borrowers today can get income-based repayment plans. These plans set the monthly repayment figure at 10 percent of a borrower’s discretionary income. Whatever isn’t paid after 20-25 years is forgiven. These repayment plans weren’t available when the student loan interest deduction was enacted back in 1997. If we’re going to guarantee borrowers affordable payments, why also give them a deduction? Even the Obama White House considered repealing the student loan interest deduction.

Would the elimination of this deduction make students less likely to attend college? I doubt it. It’s not a lot of money. And as it is, student borrowing is down for the 6th straight year. Adults on the fence about college are probably going to weigh other factors.

No More Tuition Waivers for Graduate Students

Graduate students often support themselves through teaching or research assistantships. Their tuition is waived by the university, and they get a modest stipend for their services. Currently, the tuition waiver is not taxed as income, but the stipend is.

The GOP plan would change that by making the tuition waiver taxable to the recipient. That’s a big change. Glassdoor lists the average graduate research assistant salary at just under $30,000. Tuition is in the $20,000-$30,000 range (less at public schools, more at private ones). Even with the increase in the standard deduction, we’re talking about graduate students paying $2,000-$3,000 more in taxes.

Robert Kelchen, an assistant professor for higher education at Seton Hall University, doesn’t think the loss of tuition waivers will stop people from pursuing Ph.D.s. Kelchen points to the high lifetime benefits of obtaining an advanced degree.

Claus Wilke, the department chair of integrative biology at the University of Texas Austin, is more concerned. He posted a Twitter thread arguing that if grad students had to pay taxes on $50-60K of income, “a PhD would not be a viable choice anymore, except for the independently wealthy.”

It’s worth noting that 60 percent of graduate students who take advantage of tuition waivers are in STEM fields.

CUPA-HR: College and University Professional Association for Human Resources

That matters for a couple of reasons. One, there’s bipartisan agreement that we need more high-skilled workers in science and engineering. The economy of the future will demand it. Two, we’re talking about people who don’t need graduate school. These people can make good money with a bachelor’s degree — more than their peers in other fields. And more than the measly $30,000 stipend they stand to earn as RAs.

As it is, our STEM graduate programs are loaded with top students from India, China and other countries with rapidly developing economies. If we make it harder for American students to choose grad school, will we produce enough master’s- and Ph.D.-level scientists and engineers? I’m not talking about more academicians per se. I’m talking about future employees for Apple, Amazon, Google, IBM, Chevron, Boeing and Lockheed Martin.

I get that a simpler tax code means that we can’t pick winners and losers. If universities want to attract STEM graduate students, they can “gross up” the stipend so that the students’ take-home pay is unaffected. If this means accepting fewer students, maybe that pushes lower quality students out the academic scene and into the private sector work force. That could be a win in other ways I suppose.

Either way, the tuition waiver elimination strikes me as a bigger deal than the loss of the student loan interest deduction.

Dr. Alex Chediak (Ph.D., U.C. Berkeley) is a professor and the author of Thriving at College (Tyndale House, 2011), a roadmap for how students can best navigate the challenges of their college years. His latest book is Beating the College Debt Trap. Learn more about him at www.alexchediak.com or follow him on Twitter (@chediak).