January 18, 2007

Loan Cuts Bill now passes to Senate

Posted in Grants, Legislation Affecting Students, Stafford Loans, The Financial Aid Process at 3:09 PM by Joe From Boston

H.R. 5 was approved by the House of Representatives. Now, the Senate will vote on a sister bill. This is only step one in a long process, folks. If the sister bill passes in the Senate, chances are it will be different than the House Bill (that’s very normal). The two bills then go back to committees in both House of Congress who try to hammer out matching versions, and then both Houses must approve the matching versions, before it goes before the President who will either approve or veto it.

Yeah, it’s long and concoluted.

It looks like the Senate version will contain increase for the Pell Grant, which does not need to be repaid. Read more about it on this MSNBC article.

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