(Washington, D.C) Members of the House voted 392 to 31 to lower rates for undergraduates taking out government loans this school year to 3.86%.
That's cheaper than the 6.8% interest rate that started in on July 1.
The new rates would be retroactive and apply to loans taken out after July 1.
The bill, which passed the Senate last week, will now go to the President Obama's desk to be signed into law.
