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 bill, formally known till Tuesday as the One Big Beautiful Bill Act, changes that. Starting in July of next year, graduate students will be able to borrow up to $100,000 total and professional students up to $200,000.

Among numerous provisions aimed at reducing federal spending and increasing tax revenue, the bill lays out some major changes for federal student loan borrowers.