The U.S. House of Representatives voted to tie student loan interest rates to financial markets today, a decision that would lower the cost of borrowing from the 6.8 percent rate that has been effect throughout June.

The bill, a bipartisan effort, passed 392-31 in the House and passed the Senate on July 24. It is currently waiting for President Barack Obama’s signature. Obama, who previously praised the deal, said that he would sign the law immediately after the House’s approval.

Under the bill, undergraduates would borrow at a 3.8 percent interest rate starting in the fall, while graduate students would borrow at 5.4 percent.

These rates, while locked for a single year’s loan, would rise if the economy grows, potentially leaving students vulnerable to market fluctuations.

To account for market behavior, the bill contains an 8.25 percent cap on undergraduate loans and a 9.5 percent cap on graduate loans.