AP report here. Excerpt:

Among other provisions, the bill: -Strengthens restrictions on lenders, guaranty agencies and colleges offering or accepting payments and gifts as a condition of making student loans.-Allows military service members to defer payments, interest-free, on federal loans while they are on active duty. Provides in-state tuition for service members and their dependents who have lived in a state for more than 30 days.-Simplifies the federal aid application process and provides more protections and disclosure for students taking out private loans.-Increases Pell Grants from $6,000 in 2009 to $8,000 for 2014, and allows low-income students to receive the grants year-round, not just for fall and spring semesters.-Creates a new program to expand postsecondary opportunities for students with intellectual disabilities.-Promotes teacher preparation programs for K-12 teachers and programs to place high-quality teachers in high-need schools.-Takes steps to expand the nation’s supply of nurses by approving funds to expand nursing school faculties.

The July 22 Heritage Foundation Backgrounder features an article about the act. Some paraphrasing of the article’s “talking points” section:

  • The bill will increase discretionary spending by $169 billion over five years.
  • It would create at least 50 new federal programs.
  • Previous increases in federal aid have not significantly lowered the costs of college — they just make it possible for schools to increase tuition.