The US House of Representatives on Thursday passed a bill that aims to ensure students will be able to borrow to pay for their college education in the next academic year by improving liquidity in the market for student loans, and raising the limits on loans backed by the government.

The legislation, which was backed by a 383-27 majority, provides the US Education Secretary with temporary authority to buy student loans direct from lenders in the federal guaranteed loan program, providing access to capital to make new loans as the market for securities backed by student loans remains largely frozen.