If you get food stamps or other services from the social safety net, then you have to show your financials. Requiring the same for educational subsidies seems to follow the same rationale.
There's a difference between "Show us how much you have, we will give you more until you have enough" and "Show me how much you have, we'll raise prices until you can barely afford it with a high interest loan."
That just goes to the immoral and unethical nature of means based assistance. It makes no sense to deprive people of aid because they make a dollar over some arbitrary line.
And the low-hanging counter argument says there are limited resources in the social safety net, and an arbitrary line is necessary for the administration of such assistance.
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