House passes new rule on student loans, which pushes down interest rates for this fall.

By Jennifer Liberto, CNNMoney

Washington (CNNMoney) – The House on Wednesday approved a bipartisan that ensures lower interest rates on loans for students heading to college this fall.

Members of the House voted 392 to 31 to lower rates for undergraduates taking out government loans this school year to 3.86% – cheaper than the 6.8% interest rate that kicked 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.

It has provisions for rates to go higher in coming years.

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