Bush, McCain, and the Republican Congress slashed student aid programs

Bush promoted and McCain supported the largest cut to federal student aid in history. During "the raid on student aid," the last Republican Congress slashed $12.7 billion from student loan programs. Aid was restored and enhanced only after Democrats took over Congress in 2007.

Source
Democratic Caucus. INVESTING IN HIGHER EDUCATION. Democratic Caucus. [Online] [Cited: July 17, 2008.] http://www.dems.gov/index.asp?Type=B_BASIC&SEC={967D862D-601C-48B7-9893-86F157E261C1}&DE={8E46D3E4-7618-4945-B04C-CFF337027D7E}.