The bill has already gained approval from the state House. It is part of Gov. Nathan Deal's plan to rein in spending on cash-strapped lottery programs like HOPE and prekindergarten.
The bill would cut scholarships for all but the state's highest scoring students. It also would eliminate payments for books, fees and remedial classes.
It would cut how much retailers can get for selling winning tickets and limits bonuses for lottery officials.
HOPE would be set each year by the Legislature rather than being tied to tuition rates.
Democrats have said the bill is unfair to poor and minority students and the Lottery Corp. should give more money to education coffers before the awards are cut