Close To 100, 000 Students to Lose Financial Aid in New Bush Policy

The first report to document the impact of the government's new formula for financial aid has found that it will reduce the nation's largest grant program by $270 million and bar 84,000 college students from receiving any award at all.

The report, by the Congressional Research Service, the research arm of Congress, does not calculate the full effect of the changes, since it does not consider the further cuts in student awards that will probably occur once the new formula is applied to billions of dollars in state awards and university grants.