Approved 81-18, the legislation now is off to the House, where, if approved, it would send rates for undergraduates to 3.86 percent, while graduate students would pay 5.4 percent, both significantly lower than the present 6.8 percent.

Although the plan sets rates near their pre-July 1 levels, market forces could elevate rates to 7.25 percent within the next few years according to Cullen Schwarz, Michigan Sen. Debbie Stabenow’s communications director. The cap for undergraduate loans would be set at 8.25 percent, while graduate student rates cap at 9.5 percent under the new bill.

White House officials advocated the plan, pointing to a Congressional Budget Office report, which said the new legislation is expected to cut $715 million from the federal deficit throughout the next decade. Impacting more than 11 million recipients, officials added the plan is expected to save the average undergraduate $1,500 in interest.

The news, while a potential relief for the approximate 14,800 Stafford-assisted students at MSU in 2012, according to Val Meyers, the associate director of the MSU Office of Financial Aid, failed to sooth critics.

Megan Havern, the communications director for the MSU College Democrats, was hoping for more of a concrete plan, rather than a patchwork solution.

“The issue is that Congress doesn’t deal with things until they are already falling apart,” Havern said.

Although she found the president’s efforts to bring relief to already heavily indebted college students promising, Havern said the legislation simply provides temporary relief, rather than being a comprehensive solution.

A number of Senate Democrats concurred, including Stabenow, whose plan to lock rates at their previous levels failed to pass after Republicans successfully filibustered the measure.

Schwarz said the senator had no plans on supporting the White House-backed initiative.

“I’ve taken a close look at this proposal, and the bottom line is by the time a freshman entering school this fall becomes a senior, her rates could nearly double,” Stabenow said in a press release.

Stabenow said she intends to continue fighting for a comprehensive solution for students.

Stabenow was joined by fellow Democrat Elizabeth Warren, who proposed her own plan to lower rates to .75 percent, the same rates paid by banks who borrow money from the federal reserve.

Will Staal, chair of the MSU College Republicans, contended that continued opposition from Democrats demonstrates a lack of leadership and will ultimately hurt students.

“We support the bipartisan bill proposed by House Republicans and President Obama, and hope Senate Democrats will come to their senses,” Staal said. “If they don’t, students are the ones who will suffer.”