The all new
CBS News App for Android® for iPad® for iPhone®
Fully redesigned. Featuring CBSN, 24/7 live news. Get the App

AP Source: Obama To Seek Changes In Pell Grants

WASHINGTON (AP) - An administration official says President Barack Obama is proposing to cut $100 billion over a decade from the Pell Grant program through belt-tightening, but use the savings to keep the maximum college financial aid award at $5,550.

Most of the projected savings, more than $90 billion, would be achieved through two changes would require congressional approval.

The administration official spoke on condition of anonymity because Obama's 2012 budget hasn't been released. That happens on Monday, when the White House sends the plan to Capitol Hill.