House lawmakers approved the College Cost Reduction Act of 2007 (H.R. 2669) by a vote of 273 to 149.

It contains legislation that would use budget reconciliation to redirect about $18.6 billion from student loan company subsidies to increase funding for Pell Grants and other Federal financial aid projects.

Voting in favor were 47 Republicans and 226 Democrats.

President Bush has threatened to veto the legislation.