The nonpartisan Congressional Budget Office has determined the Senate bill would increase deficits by $3.3 trillion from 2025 to 2034.

WASHINGTON, July 3 (Reuters) - Republicans in the U.S. House of Representatives advanced President Donald Trump 's massive tax-cut and spending bill toward a final yes-or-no vote early on Thursday morning, appearing to overcome internal party divisions over its cost.

Republican lawmakers would provide funding for Pell Grants but tighten eligibility requirements. The House version raises the bar for how "full-time" studies are defined -- students would have to earn 30 credits per year to be eligible, for instance, rather than the current 24.

ABC News’ Alexis Christoforous breaks down what the “Big Beautiful Bill” could mean for people with student loans.

The bill, if signed into law by President Donald Trump, would bring about major changes to the federal loan system.

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Christina and Jeff Starmer turned their garage into a cozy studio apartment so their son could have his own space and save money on housing. The One, Big, Beautiful Bill recently passed the Senate with provisions that would increase after-tax income for millions of retired workers on Social Security.

Just two Republican members of the House voted against President Trump’s massive tax and spending bill that was received final congressional approval on Thursday afternoon. Massie was among the first Republicans to oppose the bill and spent the week speaking out against it.