The Senate is likely to vote Tuesday on its version. Talks with the House are already beginning.
About a quarter of the new money is aimed at low-income pupils, to help with the achievement gap.
A fifth of workers over age 45 have quit adding to their 401(k)s.
No Child Left Behind Act could be overhauled by a new president and Congress next year.
Legislation aims to point out colleges where costs are rising most, pushing states to pony up.
The bill, designed to encourage lenders to keep offering federal loans to students, won bipartisan support in Congress.
The House has cleared a bill that forces states to stabilize taxpayer funding for public colleges.