The U.S. House of Representatives voted on Friday to cut government subsidies to student loan firms and boost student aid by $20 billion.

The Senate earlier on Friday passed the same legislation, which is expected to hurt the profits of major lenders such as Sallie Mae, Citigroup, Bank of America Corp, JPMorgan Chase & Co and many others.

The White House has said President George W. Bush plans to sign the bill into law.

(Reporting by Kevin Drawbaugh)