Washington ? Congress sent President Bush legislation Friday to boost financial aid for college students by cutting some $20 billion in government subsidies to banks that make student loans.

Bush has indicated he will sign the legislation, despite previous objections to parts of the bill. Specifically, the administration has criticized a student loan interest-rate cut and a new loan-forgiveness program, among other things.

House Democrats had made the popular interest-rate cut a priority during the run-up to the last election in which they regained control of Congress.

The House voted 292-97 for the student aid bill Friday. Earlier in the day, the Senate approved the measure 79-12. All the lawmakers who voted against the bill were Republicans.

The boost in financial aid to college students was one of half a dozen domestic priorities Democrats set when they took control of Congress this year. Two others – an increase in the minimum wage and mandatory air and sea cargo inspections – already have become law, and a third, ethics reform, is awaiting Bush’s signature.

The bill would increase the maximum Pell grant, which goes to the poorest college students, from $4,310 a year to $5,400 a year by 2012.