The Senate also pulled out a change to the Pell Grant program, which provides federal aid to low-income students to attend colleges and universities. Right now, students are considered full time and qualify for the maximum amount of aid if they take 12 credits a semester.

The $40,000 cap would begin this year, with the same $500,000 income phaseout, and both figures would rise by 1% annually from 2026 through 2033.