By Kelly Field (Chronicle.com)

Washington

Defying a threatened presidential veto, Republicans in the House of Representatives passed a bill on Thursday that would tie student-loan interest rates to the free market.

If enacted, the bill, HR 1911, would prevent interest rates on subsidized Stafford loans from doubling on July 1, and put an end to the temporary fix that has kept rates low over the past year.

But the bill faces long odds in the U.S. Senate, where Democratic leaders are calling for another extension of the current rate, to give lawmakers more time to craft a new formula. Under current law, student-loan interest rates are set by Congress and are often out of sync with the broader market.

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