<p>full text of proposed debt deal, see Title V:
<a href="http://msnbcmedia.msn.com/i/CNBC/Sections/News_And_Analysis/__Story_Inserts/graphics/__PDF/DEBT_016_xml.pdf%5B/url%5D">http://msnbcmedia.msn.com/i/CNBC/Sections/News_And_Analysis/__Story_Inserts/graphics/__PDF/DEBT_016_xml.pdf</a></p>
<p>Pell grants: it seems that all remaining Pell grant allocations will be dumped into one fiscal year, which would allow Congress to reallocate the money for other purposes (e.g. deficit reduction)</p>
<p>Subsidized Stafford loans: no more for grad students starting July 1, 2012, any loans made afterwards that are made under interest subsidized criteria will become unsub loans, sub loan limits will be folded into unsub loan limits of those affected</p>
<p>Direct Loan repayment incentives: not for loans disbursed after July 1, 2012</p>
<p>EDIT: this article says that Pell grants will still be around, and that the extra money allocated will be to cover a shortfall
<a href="http://www.youthtoday.org/view_article.cfm?article_id=4947%5B/url%5D">http://www.youthtoday.org/view_article.cfm?article_id=4947</a></p>
<p>however, there will likely be stricter criteria for getting a Pell grant from now on</p>