Congress is considering a bill that would cut almost $9 billion in student aid. If passed, the bill would be the biggest cut in history.

The Budget Reallocation bill was proposed by Rep. Jim Nussle, R-Iowa, and Sen. Judd Gregg, R-N.H. The vote is expected in late October or early November, said Jasmine Harris, legislative director for United States Student Association, a national organization that represents students’ interests.

The cut is an effort to make the overall bill “revenue neutral,” meaning any proposed bill draws no money, said Roberta Johnson, director of student financial aid.

The bill includes Medicaid and child nutrition programs, as well as student aid. To all three programs, $35 billion is allotted.

Additions to the child nutrition and Medicaid programs draw money away from student aid, Johnson said.

In addition, changes in aid would cut grants to allow more subsidized loans.

For example, the current limit on Stafford subsidized loans for freshmen is more than $2,600 per year, and $3,500 per year for sophomores.

The new bill could increase the limit by $875 per year for freshmen and $1,000 per year for sophomores. Because the loans are subsidized, the government pays the interest for the life of the loan, which is costly, Johnson said.

Johnson said students at Iowa State would most likely fill in the gaps with additional loans thorough outside sources.

“Parents might have to take out more loans for their students,” she said.

She said she didn’t know the “price point” at which students will decide a college education is not worth the financial investment.

“Statistics show that college is the best investment for the future, but it does get scary to borrow so much money,” Johnson said.

Harris said she would encourage taking action against the bill.

“This change would be far-reaching,” Harris said. “I want to stress the immediacy of this.”

Nussle could not be reached for comment.