A Senate subcommittee voted Tuesday to preserve Pell Grants, but it has cut a benefit for undergraduate students as part of its approval of the Department of Education's budget. Under the decision, which next goes to the full committee for a vote, the government no longer will pay the interest on undergraduates' student loans in the first six months after graduation. Instead, students will continue to have their payments waived during that time, but will be responsible for paying back the full amount of the interest.

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