The U.S. House will now look over and prepare to vote on a student loan bill after the Senate passed it.
Approval came Wednesday to bring student loan interest rates back down. They doubled to 6.8 percent July 1 for federal Stafford loans.
The Senate voted 81-18 in favor of the bill, which would bring rates to 3.86 percent.
Future rates would be tied to the financial markets.
Wisconsin Sen. Tammy Baldwin voted against it, saying she was concerned about rates for students who are freshman in high school right now.
“They’re going to see rates much higher than even the doubled rates we’ve been experiencing since July 1. And that to me means that education for them will be unaffordable,” Baldwin said.
Wisconsin Sen. Ron Johnson voted in favor of the bill, saying this plan covers every student loan and fixes the problem once and for all.