Republican lawmakers would provide funding for Pell Grants but tighten eligibility requirements. The House version raises the bar for how "full-time" studies are defined -- students would have to earn 30 credits per year to be eligible, for instance, rather than the current 24.

Most of the changes to student borrowing, such as lower limits on graduate loans, wouldn’t affect borrowers who are out of school and in repayment.

Senate Parliamentarian blocks GOP plan to eliminate student loan repayment programs, potentially saving millions of borrowers from payment increases.