The Senate yesterday approved a bill that would lower student loan interest rates, albeit tie them to fluctuations in the financial market.

The bill could bring the interest rates for subsidized Stafford loans down from 6.8 percent to 3.9 percent for students if signed into law by President Obama.

USA Today reports that Democrats worry the bill could have a negative effect on loan rates. Under the bill, it’s possible for rates to increase above 6.8 percent, a rate that was established July 1 when Congress failed to reach a resolution.

The bill heads to the House of Representatives next, where delegates passed similar legislation recently. House Speaker John Boehner released his statement regarding the Senate bill yesterday.

“I’m pleased that Senate Democrats finally joined Republicans to pass a bill to provide a permanent, market-based solution on student loans,” Boehner wrote. “This bipartisan agreement is a victory for students, for parents, and for our economy, and it is consistent with the House Republican bill passed in May.”

If Obama approves the bill, Congress would no longer be responsible for setting interest rates on federally subsidized student loans. Instead, students will see their rates being influenced by the U.S. Treasury’s 10-year borrowing rate.

The three-tier system the bill has outlined will have an additional impact on the loans themselves: a 1.85 percent increase to undergraduate loans, a 3.4 percent increase to graduate loans and a 4.4 percent increase for Parent PLUS loans.

However, the legislation would cap interest rates for loans at 8.25 percent for undergraduate loans, 9.5 percent for graduate loans and 10.5 percent for Parent PLUS loans.

According to the New York Times, the Obama administration estimates this change will help 11 million students who take out loans this fall. Moreover, these new rates would be reflected in any loans taken out since July 1 and replace the 6.8 percent rate established then.

For more than two years The NCAA has been investigating Oregon’s recruiting practices. Here’s how it unfolded:

There are plenty of adornments that hang off graduates during commencement, from leis to sashes and even ropes. But some students take it upon themselves to deck out their mortarboards with colorful and eccentric designs. Here are some of the best graduation caps Emerald staffers caught during today’s festivities as well as a few we picked up through social media.

Here’s a live stream of graduation provided by The UO Channel.

We’ve modified our Insta-O service to provide all graduation related Instagram posts. Check it out.

University Street was a river of green Monday morning when the University of Oregon class of 2013 began the march from the Erb Memorial Union to Matthew Knight Arena for commencement. Several smaller commencement ceremonies already took place on Sunday afternoon with more throughout the day on Monday. The Emerald will be tweeting and writing from the frontlines today.

UO graduates looked toward Matthew Knight Arena on the Duck walk on Monday morning. (Savannah Wasserman/Emerald)

(From left to right: Dani Hendrickson, Karyn Kaplan and Rachel Hubbard) Members of the Campus for Zero Waste group cheer on UO graduates during the Duck walk on Monday morning. (Savannah Wasserman/Emerald)

UO graduates marched towards Matthew Knight Arena for graduation on Monday morning in their caps and gowns. (Savannah Wasserman/Emerald)

UO president Michael Gottfredson greeted graduate family members on the duck walk on Monday morning before the commencement ceremony. (Savannah Wasserman/Emerald)

The graduates participated in the Duck march before the commencement ceremony. It began on 13th and University and ended at Matthew Knight Arena. (Savannah Wasserman/Emerald)

UO graduates marched down 13th street for the duck walk prior to the graduation commencement ceremony on Monday morning with enthusiasm. (Savannah Wasserman/Emerald)