The House narrowly passed on Friday the Interest Rate Reduction Act by a vote of 215-195 -- largely along party lines. The White House has already threatened to veto the legislation.

The bill, introduced by House Republicans, would postpone, for a year, the doubling of interest rates on student loans to 6.8 percent on July 1st. Those interest rates currently sit at 3.4 percent as a result of a five-year bill passed by Democrats in 2007.  

The Republican's bill would offset the almost $6 billion price-tag for the year-long interest rate freeze by taking money from programs established by President Barack Obama's health care overhaul -- including those for prevention, wellness, and public health.

Democrats oppose that plan, saying they would rather pay for the bill by taking away subsidies for oil companies.

The legislation now goes to the Senate, which is expected to pass its own version in May. After that, both chambers will likely end up going to conference on the bill, to negotiate a way to fund the proposal that's amenable to both sides.