The Senate, in an effort to turn around the recent upsurge in student loan interest rates, approved a bipartisan deal that would keep new borrowers from paying the recently increased rate. It voted 81-18 in favor of the agreement.

Following Senate approval, the legislation was moved to the House of Representatives which is hoping to finalize the agreement before early August. Lawmakers are set to leave Washington for recess at this time.

The bill was backed by President Barack Obama, who took part in negotiating for a compromise. Arne Duncan, U.S. Secretary for Education, also gave support for the deal and said it would be a win for students on Tuesday.

However, Obama stated that lowering the expense of student loans was insufficient in his speech at the University of Central Missouri. The U.S. president vowed to form a list of innovative ideas by fall to further tighten college costs. "If college costs keep on going up, then there's never going to be enough money," asserted Obama.