(Washington, DC) -- A controversial student loan bill is headed to the Senate after passage by the House. The Republican measure would link student loan rates to the financial markets. The vote was 221-198. Passage by the Senate is unlikely and the White House has threatened a presidential veto. Interest rates on student loans are now set by the government. Without action by Congress, student loan rates are set to double on July 1st to six-point-eight percent for roughly seven-million borrowers.