Senate Gives Final Approval to 2004 Student-Aid Spending

Nearly four months after the start of the 2004 federal fiscal year, the U.S. Senate has given final approval to 2004 spending levels for major federal student-aid programs. Student-aid appropriations are included in a massive consolidated federal spending bill that the Senate approved 65 to 28 on Jan. 22. The U.S. House of Representatives approved the bill last month.

Among the key student-aid provisions:

• The maximum Pell-grant remains at $4,050, the same level as for the current award year.
• The measure provides modest funding increases for the Supplemental Educational Opportunity Grant program, TRIO programs and GEAR UP.
• The legislation delays scheduled changes in the federal need-analysis formula. Critics had argued that the annual updates to the formula regarding allowances for state and other taxes would have cost families billions of dollars in financial aid.

President Bush is expected to sign the spending bill.