Although Penn State students are paying the highest in-state tuition in the country for a public university, a bill recently passed through the House could help many of those students spend a little less money.

The U.S. House of Representatives approved a bill Wednesday by a 356-71 vote that would cut interest rates for subsidized student loans in half, from 6.8 to 3.4 percent over the next five years.

Currently, students must meet a list of requirements, including completion of the FAFSA, to be granted financial aid at Penn State, but this bill has its own set of measures to decide who is eligible to receive loans.

The bill, which will cost taxpayers about $6 billion, will have interest rate cutbacks that apply only to need-based loans. There will be no assistance given to people who take out unsubsidized student loans.

Last year, Penn State processed aid for 60,000 students in all of Penn State's campuses, said Bob Snyder, director for administrative services in the office of student aid.

"The total aid given last year was $714 million, which includes federal, state, institution and private aid," Snyder said.

Recent reports from the College Board show most students across the nation have been paying between $90 to $1,238 more for tuition and fees this year than last.

However, the reports did show that there is more than $134 billion in financial aid for this year, which is more than what has been available in the past.

At University Park, in-state freshmen and sophomores will pay $311 more per semester this year than last, bringing their yearly tuition costs to $11,646. Out-of-state freshmen and sophomores at University Park will pay $467 more per semester, adding up to $22,194 in tuition for the year.

Snyder said he was glad to see additional funds in the state benefiting Penn State students.

The increasing cost of college is getting to be a problem for average and working class Americans, College Democrats spokesman Eliot Schmidt said. Despite restraints, this proposal could be the relief that students of both low and middle incomes are looking for, he said.

"It is a step in the right direction," Schmidt said. "There are interest-free grants and scholarships, but for a lot of people, grants and scholarships aren't enough to get through, and they have to rely on student loans."

Democrats are hopeful that the bill will be effective, but the Bush administration has said it does not support it.

College Republicans President Todd Taylor said he and his organization support the House's decision.

"Being a student myself it would be nice to have a decrease in student loan rates, so yes, I do support it," he said.

The bill will be brought before the Senate sometime next week.