Aides to leaders of the House and Senate education panels have begun “pre-conference” discussions aimed at finishing an overhaul of the nation’s primary higher education law, but time is of the essence.

Negotiators have just weeks to reconcile differences between the House and Senate bills and win adoption of a final version by both chambers.

The latest extension of the Higher Education Act, the third in this Congress, expires March 31. In practical terms, however, lawmakers have only until March 14, when a two-week spring recess begins.

The underlying law, which governs federal aid to colleges, universities and students, hasn’t been fully overhauled in 10 years.

The House- and Senate-passed measures largely track one another, but significant differences will need to be hashed out before an agreement can be cleared.

Melissa Wagoner, a spokeswoman for Edward M. Kennedy , D-Mass., chairman of the Senate Health, Education, Labor and Pensions Committee, said Wednesday that staffers had begun talking. Other aides said the aim is to strike a deal before the extension expires.

Both the House and Senate bills would increase the amount of information schools and lenders must provide students — including up-front disclosure of loan rates and terms and data on total school costs — and would bar lenders from giving schools financial aid funds or any other perks to get on a “preferred lender” list.

Both measures also would also create a “higher education price index” that allows parents and students to compare tuition increases over time. Those schools raising tuition sharply would be placed on “watch lists.”