President Barack Obama is hoping to cut $100 billion from the Pell Grant program over the next decade, according to this report from the Associated Press.

The Pell Grant is the nation's largest need-based student aid program.

The good news is the report indicates the maximum aid award will remain at $5,550.

About $90 billion in projected savings would come through two key changes, an official who spoke on condition of anonymity told the AP. The first would end the "year-round Pell" policy that allows students to collect two grants in a year -- with the second one used for summer school. Costs associated with this are significant, while there apparently is little evidence this provision allows students to graduate any sooner. A second key proposal would reduce loan subsidies for graduate and professional students.

Obama is slated to officially announce his 2012 budget on Monday.

Congress will have to approve the budget, including any changes to the Pell Grant program.

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