Congress passed legislation to freeze the interest rates of federally subsidized Stafford loans for another year on Friday, marking the end of an extended political stalemate.

The interest rates of these loans were scheduled to double to 6.8 percent on Sunday if an agreement was not made between the two parties. Both Democrats and Republicans wanted to keep rates low, but previously disagreed on the method to pay for the measure.

The legislation, which included more than $100 billion allocated to highway programs during the next two years, passed and was for the most part unopposed. It was approved by the House of Representatives by a 373-52 vote and passed in the Senate by a 74-19 margin, according to a June 29 article by The Associated Press.

On Tuesday, Senate Majority Leader Harry Reid (D-Nev.) and Senate Minority Leader Mitch McConnell (R-Ky.) struck an agreement to solve this issue, though House Speaker John Boehner (R-Ohio) had yet to review its conditions.

The projected increase would have affected 7.4 million students, including 9,483 at Syracuse University and 965 attending the State University of New York College of Environmental Science and Forestry, said Sen. Charles Schumer(D-N.Y.), during his April 16 visit to SU.

The bill now goes to the White House to be signed by President Barack Obama.