The U.S. House is set to vote next week on a bill introduced by Rep. John Kline, R-Minn., that would keep interest rates for federal student loans from doubling July 1.
Under Kline's legislation, future federal student loans would be tied to market rates.
The bill would get the government out of choosing an interest rate, Kline said.
"I think that we've put in the kind of protections we need for students, for parents, for families," he said, "and gotten us out of this business of trying to have a big political fight and make the interest rates subject to election year politics."
Kline's bill would also set a cap on interest rates and allow borrowers to lock in low rates if they choose.
President Barack Obama has endorsed a version of this idea but not Kline's specific bill.