If Romney Wins: Romney’s education plan promises to "refocus Pell Grant dollars on the students that need them most." Essentially, that’s a commitment to sizing down the program, which offers loans to undergrads that don't have to be repaid. Romney’s running-mate, earlier in the year, proposed a budget resolution that lowered the qualifying income level for Pell Grants and added crippling regulations to the program as a whole. Put simply, under Romney and Ryan, there’s a chance you’ll be waving “peace out” to your ticket to higher education.

If Obama Wins: Consistently a strong supporter of Pell Grants, Obama will allow for increases in the maximum federal assistance offered. Basically, he’ll dish out more to financially-needy students, preventing soaring tuition from putting college out of reach.