The U.S. House of Representatives passed a bill on Wednesday to fix student loan rates to market rates in an attempt to put an end to a month of gridlock.

The new legislation, sponsored by Minnesota Rep. John Kline, R-2, passed through the Senate last week and passed the House of Representatives with enormous bipartisan support, at a 392-31 vote. The bill implements a new student loan interest rate to match the 10-rate U.S. Treasury loans, at 3.86 percent, and reverses the interest rate that jumped to 6.8 percent July 1.

The bill allows for the student loan rate to rise and fall with the fluctuation of the 10-year Treasury loan rate, which is dependent on the state of the economy. The bill also creates a cap of 8.25 percent to prevent the interest rate from getting too high.

Praising the bipartisan cooperation, Wisconsin Rep. Reid Ribble, R-8th District, said in a statement, “I look forward to President Obama signing this fix into law and this issue being resolved for thousands of Wisconsin students and families who have waited anxiously for Washington to get its work completed.”

However, many opponents believe the 8.25 percent limit is too high for struggling students. Wisconsin Rep. Ron Kind, D-3rd District, opposed the bill because it benefits the federal government, not students.

Kind said his concerns stem from the ability for the federal government to earn profits on the high student loan rate to use for other purposes.

“I have a fundamental problem that this bill would actually raise money from students,” Kind said. “This legislation raises almost a billion dollars from students from the higher interest rates.”

Wisconsin Rep. Mark Pocan, D-2nd District, another bill opponent, held similar concerns to Kind on the moneymaking aspect of the bill, and said in a statement the bill does not fix the long-term problem of financing college, but simply provides relief for only a few years.

Pocan added in the statement student loan holders should be allowed to refinance their student loans, rather than increase interest rates through this bill.

Both Pocan and Kind are working towards different solutions to the issue of financing college.

Kind is currently working to introduce his own legislation known as the Protecting Education through Lifetime Learning (PELL) Grant Funding Act to put money raised by the federal government from high student loan interest rates back into the form of Pell grants.

Kind confirms that these grants would be made available to students to ensure that the government cannot profit from the expected increase in student loan rates as the economy improves.

Pocan also sponsored legislation to freeze student loan interest rates for federally subsidized Stafford loans at 3.4 percent for two years.