Representatives and Senators negotiating the differences between the House and Senate versions of a massive economic stimulus package announced last night that they have reached a deal on a $789 billion bill that would provide a significant investment in student aid.

While the compromised version of the bills - known as a conference report - has not been released, details of the bill are beginning to surface. The following information about the bill is based on media reports and not the text of the legislation.

Pell Grants
Pell Grant funding is reportedly included in the conference reports, but the final number remains unknown. The House bill included $15.4 billion for Pell and the Senate's bill provided $13.9 billion. The final number in the conference report is expected to be between these two numbers.

Federal Work Study
Additional funding for the FWS program is reportedly included in the conference report. The exact number of that funding is unknown, but the House bill provided $490 million for FWS.

Tax Credit
The conference report includes a $2,500 tuition and fees tax credit, according to reports. Differing versions of this tax credit were included in the House and Senate versions of the bill. The details of the tax credit in the conference report remain unknown.

Unsubsidized Stafford Loan Limits
The $2,000 loan limit increase provided by the House bill is reportedly NOT included in the conference report.

Perkins Loans
The conference report does NOT include additional funding for Perkins, according to reports. The Senate's version of the bill included $61 million for Perkins.

The final bill is expected to provide $507 billion in spending programs and $282 billion in tax breaks. At least $80 billion is expected to spent on K-12 and higher education.

The House could vote on the bill as early as today and the Senate is expected to vote on the package soon after. Despite efforts to win over Republicans by reducing the cost of the bill, most don't expect many Republicans to support the bill. President Barack Obama could sign the bill into law as early as Monday. The White House is considering a prime-time signing ceremony, according to The New York Times.

Media Coverage

Congress Reaches Deal on $789-Billion Stimulus Bill The Chronicle of Higher Education

Facilities Fund Struck From Stimulus Compromise Inside Higher Ed

Pell Grant Increase Saved in Stimulus Diverse

Meltdown 101: Highlights of economic stimulus plan Associated Press

Deal Reached in Congress on $789 Billion Stimulus Plan The New York Times

Congress Reaches Stimulus Accord The Washington Post

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