The U.S. House approved a bipartisan bill Wednesday that would reduce the cost of loans for millions of students at a vote of 392–31. The bill is on its way to President Obama for his signature. “This is a win for students and taxpayers,” Rep. John Kline, the Republican chairman of the House Committee on Education and the Workforce, said. The new plan would mean capping the growth of interest rates, as well as putting a lock on interest rates for the life of each year's loan. According to the White House, the new loan structure would offer lower rates to 11 million borrowers right away and save the average undergraduate student $1,500 in interest charges.