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On July 1, rates for need-based student loans doubled from 3.4 percent to 6.8 percent. Senators are expected to debate two competing bills aimed at retroactively fixing the student loan hike this week.

Most Senate Democrats support S. 1238, but a bipartisan group introduced a plan similar to one passed by the House, which would make the interest rate equal to the 10-year Treasury note plus 1.85 percent. The House-passed bill set the rate at the 10-year note plus 2.5 percent. 

Both the House GOP bill and bipartisan Senate bill, S. 1241, capped maximum loan rates above 8 percent, leading some Democrats to say the bills are worse than doing nothing because rates could get higher than 6.8 percent. It is unclear if the Bipartisan Student Loan Certainty Act from Sens. Joe ManchinJoseph (Joe) ManchinHistory argues for Democratic Senate gains Pollster: Kavanaugh will get Dem votes Overnight Health Care: Trump officials explore importing prescription drugs | Key ObamaCare, drug pricing regs under review | GOP looks to blunt attacks on rising premiums | Merck to lower some drug prices MORE (D-W.Va.), Richard BurrRichard Mauze BurrCongress should build upon the ABLE Act, giving more Americans with disabilities access to financial tools Christine Todd Whitman: Trump should step down over Putin press conference GOP lambasts Trump over performance in Helsinki MORE (R-N.C.), Tom CoburnThomas (Tom) Allen CoburnThe real disease: Price transparency key to saving Medicare and lowering the debt Mr. President, let markets help save Medicare Pension insolvency crisis only grows as Congress sits on its hands MORE (R-Okla.), Lamar AlexanderAndrew (Lamar) Lamar AlexanderMontana governor raises profile ahead of potential 2020 bid Dems pressure GOP to take legal action supporting pre-existing conditions Trump administration to explore importing prescription drugs MORE (R-Tenn.), Angus KingAngus Stanley KingMaine Senate candidate says he's a democratic socialist Bipartisan bill would bring needed funds to deteriorating National Park Service infrastructure Lawmakers say Trump tariffs are threatening local newspapers MORE (I-Maine) and Tom CarperThomas (Tom) Richard CarperOvernight Energy: Fewer than half of school districts test for lead | Dems slam proposed changes to Endangered Species Act | FEMA avoids climate change when discussing plan for future storms Dems slam proposed changes to Endangered Species Act Full interview: Democratic candidate Kerri Evelyn Harris discusses her Senate campaign in Delaware MORE (D-Del.) will also get a procedural vote on Wednesday.

Democrats have pointed to Congressional Budget Office estimates that the federal student loan program has generated a $50 billion profit, saying the government shouldn’t profit off students and low-income families.

“Too many Michigan students and families are strapped with tens of thousands in student loan debt when they graduate,” Stabenow said. “We need to be making college more affordable, not raising rates so the government makes a profit off of students.”

Last month, the Senate attempted to pass similar legislation that would have extended the 3.4 percent rate for two years — paid for by ending tax breaks for corporations and the wealthy — but there wasn’t enough support to overcome the Republican filibuster requiring 60-votes to advance the bill.