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Obama Seeks $89 Billion Student Aid Cuts Over 10 Years

President Barack Obama, who has called for the U.S. to lead the world in college graduates by 2020, proposed budget cuts that would reduce support for higher education by $89 billion over 10 years.

Obama’s $77.4 billion spending proposal released today would cut a provision allowing some college students to get two Pell grants in a year and a program that lowers interest rates on loans for graduate students. The changes will reduce 2012 higher education outlays by $10 billion while raising spending for kindergarten through high school education 6.9 percent to $26.8 billion, the Education Department said.