This doesn't only effect undergrads, this is also horrible for graduate students. I'm going to be directly effected by this tax this year if the law doesn't change. It will tax my fellowship stipend (used for living expenses such as rent, food, and transportation) equivilant to an ESTATE.

It's basically like saying that grad students are not "earning" this income and thus they don't deserve to be taxed on it as if it was a wage.