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.

Republican members of Congress are set to make fundamental changes to how families finance college and repay their student loans.

The Senate narrowly passed its spending megabill on Tuesday night. The House is aiming to vote on the bill and send it to President Donald Trump by July 4, but it’s unclear whether Republicans have the votes to pass the bill in its current form.