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.

The nonpartisan Congressional Budget Office has determined the Senate bill would increase deficits by $3.3 trillion from 2025 to 2034.

The sweeping tax-and-spending package now heads to President Donald Trump's desk a day before his July 4 deadline.