By a vote of 93-1, the Senate yesterday passed a $57 billion, five-year higher education package that significantly expands financial aid to college students from lower and middle-in-come households.

The Higher Education Act, which now goes to the House, would extend Pell grant eligibility to students from families with incomes of $42,000 or less. In addition, the act would eliminate consideration of home and farm equity in determining the income qualification. The limit now is about $30,000, and the calculation includes such property.

Sen. Edward M. Kennedy '54-'56 (D-Mass.), a principal architect of the bill and chair of the Labor and Human Resources Committee, estimated the change would make Pell grants available to an additional 600,000 students. About 3.6 million individuals now qualify for the direct assistance which is designed to augment student loans.

President Neil L. Rudenstine is-sued a statement yesterday praising the renewal of the Higher Education Act, calling it "a significant step forward in the federal government's commitment to provide financial assistance to college and university students."

"By expanding student aid for middle-income families, increasing the size of federal grants, expanding the Guaranteed Student Loan Program, and simplifying access to student aid, the bill is another solid achievement for its principal sponsor Sen. Edward Kennedy and a substanial source of support for American higher education," Rudenstine said.

The size of the Pell grants, named for Sen. Claiborne Pell (D-R.I.), would increase from the current $2400 to $3600 in 1993 and $4800 in 1997. A total of $8.4 billion would be spent on the program next year.

"This is one of the most important investments we can make in America's future," Kennedy said.

Sen. Jesse Helms (R-N. C.), the sole dissenter, assailed the program's cost, estimated at $18 billion in fiscal ,1993, as the national debt nears $4 trillion.

"What are we doing to the American people whenCongress engages in such reckless spending?" Helmsasked. "What about the young people who in just afew years will inherit this economic nightmare?"

This article used reports provided by TheAssociated Press.