As Congress looks to cut up to $50 billion in spending, education and student groups are complaining that college financial aid will take the biggest hit.

House Republican leaders have ordered the committee that oversees federal student aid to find more cuts than any other committee — about $18 billion. On Wednesday, the House Education and Workforce Committee approved a Republican proposal designed to cut spending on student aid by $14.5 billion over the next five years.

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Education Groups Say Student Aid Targeted

As tuition across the nation continues to outpace gains in financial aid, students’ chances of attending college and finishing with a degree increasingly are linked to their families’ income, the College Board reported Tuesday.

The nonprofit group, in releasing two reports on college costs and financial aid, noted big gaps in graduation rates even among students who had high test scores.

Keep Reading: Financial Aid Can’t Keep Up With College Tuition

A recent report by the College Board points to a nationwide trend that University of California students have expressed concern about for some time – fees for higher education are outpacing inflation and financial aid is not meeting the challenge.

Keep reading: Fees outpacing aid, study says

Related Story: Federal Student Loan Limits

Deadlines are fast approaching for several scholarships with due dates in October. Find out more about Scholarships with October Deadlines

High school juniors should make plans now to enter the National Merit Scholarship program. Students must take the PSAT standardized test during their junior year in high school in order to qualify for the National Merit Scholarship program.

Registration for the PSAT test is by high school rather than individual student. Students should contact their school counselor now to register for the PSAT testing date at his or her school. The test is given each year during the month of October at high school campuses nationwide.

More Information about the National Merit Scholarship Program

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