The Chronicle of Higher Education reports the following differences (the draft of a Senate bill is expected to be released next week, a bit later than the September 30th mark-up date for the HELP committee that had been reported earlier):
- Senate version has larger minimum Pell Grant
- Senate version has more money going to states and colleges; $4.25 billion vs. $3.0 billion for College Access and Completion Innovation Fund.
- Distribution method for Perkins Loans differs:
- House version would make of the award based on graduation of Pell recipients and keeping tuition increases to a minimum.
- Senate version awards funds based on need and reduces the size of the Perkins awards based on institutions' failure to hit targets for enrolling and graduating Pell Grant recipients.
- Draft Senate bill also includes 5% match requirement for Perkins loans which could be reduced if student borrowing was limited.
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Here is an undated draft of the Senate bill: Download Senate Bill_Draft Please note that this version is probably already outdated so read the 284 pages with caution.
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