The House has voted in favor of the biggest overhaul of college aid programs since their creation in the 1960s -- a bill to oust private lenders from the student loan business and put the government in charge.

Thursday's vote was 253-171 in favor of a bill that fulfills an array of President Barack Obama's campaign promises, ending subsidies for private lenders, boosting Pell Grants for needy students and paying for community college reforms, among other things.

The measure goes next to the Senate, where its fate is a little less certain.