Thousands of college students may soon feel a financial pinch and another 100,000 may not be able to complete degrees after Congress pushed ahead with changes to federal student aid, education experts said.
Some students will start owing more on their loans while they're in school under a last-minute debt ceiling deal to keep the country out of default and reduce deficits by at least $2.1 trillion over a decade.
It takes a lot of guts to go up to Capitol Hill in the current budget-cutting climate and ask for more money, yet that's what Education Secretary Arne Duncan did at his appearance at the Senate Budget Committee on Tuesday.
President Obama's budget Monday will propose cutting $100 billion dollars from the Pell grant program and other higher education programs, but use those savings to ensure that eligible students would be able to receive the current maximum award of $5,500 per school year.
While heading to a private college is still more expensive than going to a state school, the price gap is narrowing: Tuition and fees are climbing at a faster pace at public schools than their private brethren.