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.

President Donald Trump's proposed budget bill includes a new student loan repayment plan that could significantly increase payments for some borrowers. The Student Borrower Protection Center estimates average annual payment increases of nearly $3,000 for some borrowers under the new plan.