WASHINGTON -- Those federally mandated math and reading tests will continue, but a rewrite of the nation's education law now will give states -- not the U.S. government -- authority on how to use results in evaluating teachers and schools.

The Senate on Wednesday voted 85-12 to approve legislation rewriting the landmark No Child Left Behind education law of 2002. President Barack Obama will sign it into law today.

One key feature of No Child remains: Public-school students still will take the federally required statewide reading and math exams. But the new law encourages states to limit time students spend on testing, and it will diminish the high stakes for underperforming schools.

Republican Sen. Lamar Alexander of Tennessee called the legislation a "Christmas present" for 50 million children across the country. Alexander was a chief author of the bill with Democratic Sen. Patty Murray of Washington.

"You'll see states taking the opportunity to serve kids better, meaning it's not just a conversation about labeling schools but also a conversation about when a school's not doing right by kids," Chris Minnich, executive director of the Council of Chief State School Officers, said.

The law will give states flexibility beyond using testing results to consider additional performance measures such as graduation rates.

There are risks states may set goals too low or not act quickly enough, said Daria Hall, vice president for government affairs and communication at the Education Trust. She also said, "Those risks are also really opportunities for states to really step up to the plate and be leaders."

Here's how the major stakeholders fare:

Teachers

The measure eliminates the federal mandate teacher evaluations be tied to student performance on the statewide tests.

Teachers' unions hated that idea, saying the high stakes associated with the tests were creating a culture of overtesting and detracting from learning. States and districts still will be able to link scores or consider them as a factor in teacher performance reviews, but they will not be required to do so.

"We will continue to be vigilant as work shifts to the states to fix accountability systems and develop teacher evaluation systems that are fair and aimed at improving and supporting good instruction," Randi Weingarten, president of the American Federation of Teachers, said.

Students

Don't start applauding yet, kids. The nation's 50 million students in public schools still will have to take the federally mandated statewide reading and math exams in grades three to eight and once in high school -- so parents, teachers and others can see how they are doing against a common measuring stick. But the legislation encourages states to set caps on the amount of time students spend on testing.

More children from low- and moderate-income families will have access to preschool through a new grant program to use existing funding to support state efforts.

Schools

No more Common Core -- maybe.

The bill states the federal government may not mandate or give states incentives to adopt or maintain any particular set of academic standards, such as Common Core.

The college and career-ready curriculum guidelines were created by the states but became a flashpoint for those critical of Washington's influence in schools. The administration offered grants through its Race to the Top program for states that adopted strong academic standards for students.

Already states have begun backing away from the standards.

Parents

The bill provides for more transparency about test scores, meaning parents and others in the community will get a better look at how students in their states and in local schools are doing.

The legislation requires that test scores be broken down by race, family income and disability status.

Parents also will be able to see how per-pupil funding breaks down by state, district and school.

States

It's now up to the states.

States and districts will now be responsible for coming up with their own goals for schools, designing their own measures of achievement and progress, and deciding independently how to turn around struggling schools. Testing will be one factor considered, but other measures of success or failure could include graduation rates and education atmosphere.

To make sure all children get a fair shot at a quality education, states will be required to intervene in the lowest-performing 5 percent of schools, in high schools with high dropout rates and in schools with stubborn achievement gaps.

Diminished federal role

The measure would substantially limit the federal government's role, barring the Education Department from telling states and local districts how to assess school and teacher performance.

The measure also ends the waivers the Obama administration has given to more than 40 states -- exemptions granted around the more onerous parts of No Child when it became clear that requirements such as having all students proficient in reading and math by 2014 would not be met.