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.

New borrowing limits could make it harder for some students to afford to go to college. Right now, if you or your kids get into college or graduate school and don’t have the money to pay for it — which most people don’t — you can borrow however much you need from the federal government to cover tuition and living expenses.