( CNN ) -- During Tuesday night 's debate with Republican challenger Mitt Romney , President Barack Obama touted his administration 's support for the federal Pell Grant program and other aid for college students . The claim : . `` We 've expanded Pell Grants for millions of people , including millions of young women , all across the country , '' Obama said . `` We did it by taking $ 60 billion that was going to banks and lenders as middlemen for the student loan program , and we said , 'Let 's just cut out the middleman . Let 's give the money directly to students . ' And as a consequence , we 've seen millions of young people be able to afford college , and that 's going to make sure that young women are going to be able to compete in that marketplace . '' That 's a big claim in a time of tight budgets , so CNN decided to take a closer look . Fact Check : Romney , women and jobs . The facts : . In 2009 and 2010 , the Obama administration pushed to eliminate the federal guaranteed student loan program , which subsidized student loans issued through private lenders . The administration argued that the money that went to banks through the program would be better spent on direct federal loans to students or to Pell Grants , which provide students up to $ 5,600 . A Democratic-led Congress approved the plan in March 2010 as part of the same budget bill that cemented Obama 's signature health care legislation . It faced heavy opposition from Republicans , who criticized it as a `` government takeover '' of the student loan industry . But Rep. George Miller , the California Democrat who led the House committee that oversaw education , argued it ended a `` sweetheart deal '' for banks . During the debate , the nonpartisan Congressional Budget Office estimated that the legislation would save the government up to $ 62 billion through 2020 . Fact Check : Candidates positions on contraception ? Much of that money has gone to the Pell Grant program , which has grown from about $ 19 billion in 2009 to a requested $ 36 billion for 2013 . About 10 million students are expected to receive Pell Grants next year , up from about 6 million in the 2008-09 academic year , according to the Department of Education . However , observers of the higher education sector note that the grants are n't keeping up with inflated tuition . The grants now cover less than a third of the average cost of attending a four-year public college , according to the Institute for College Access & Success , a nonprofit research group . Conclusion : . Obama 's comments accurately summarize the recent history of the federal student aid programs under his administration , which have gone up -- just not as fast as college costs . Complete coverage of CNN 's Fact Checks . CNN 's Caleb Hellerman and Matt Smith contributed to this report .
Obama pushed to expand subsidized student loans . Much of the money went into Block Grants . That amount has grown from $ 19 billion to about $ 36 billion .