Warren said she supports the Keep Student Loans Affordable Act would extend the 3.4 percent rate for need-based loans for one year and would be paid for by ending a tax break on tax-deferred retirement accounts. That bill, S. 1238, is expected to get a vote in the Senate later this week.

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On July 1, need-based student loan rates doubled from 3.4 percent to 6.8 percent.

“Congress can ease the burden on our students and we should be committed to doing just that,” Warren said. “This is how we build a better future for our entire country.”

But Republicans and a couple Democrats have argued that a permanent solution would be better than a short-term rate extension.

Sens. Joe ManchinJoseph (Joe) ManchinDemocrats scramble to contain Franken fallout  Overnight Finance: House passes sweeping tax bill in huge victory for GOP | Senate confirms banking regulator | Mulvaney eyed for interim head of consumer agency Overnight Regulation: Senators unveil bipartisan gun background check bill | FCC rolls back media regs | Family leave credit added to tax bill | Senate confirms banking watchdog MORE (D-W.Va.), Richard BurrRichard Mauze BurrOvernight Energy: Chemical safety regulator's nomination at risk | Watchdog scolds Zinke on travel records | Keystone pipeline spills 210,000 gallons of oil Overnight Regulation: Senators unveil bipartisan gun background check bill | FCC rolls back media regs | Family leave credit added to tax bill | Senate confirms banking watchdog Collins ‘leaning against’ Trump EPA chemical nominee MORE (R-N.C.), Tom CoburnTom CoburnFormer GOP senator: Trump has a personality disorder Lobbying World -trillion debt puts US fiscal house on very shaky ground MORE (R-Okla.), Lamar AlexanderAndrew (Lamar) Lamar AlexanderGOP senator: ObamaCare fix could be in funding bill Collins: Pass bipartisan ObamaCare bills before mandate repeal Murkowski: ObamaCare fix not a precondition for tax vote MORE (R-Tenn.), Angus KingAngus Stanley KingFeinstein seeks contact with FBI informant in Russia nuclear bribery case Overnight Finance: Trump calls for ObamaCare mandate repeal, cuts to top tax rate | Trump to visit Capitol Hill in tax reform push | CBO can't do full score before vote | Bipartisan Senate bill would ease Dodd-Frank rules Overnight Regulation: Bipartisan Senate bill would curb Dodd-Frank rules | Opioid testing rule for transport workers finalized | Google faces state antitrust probe | Dems want investigation into FCC chief MORE (I-Maine) and Tom CarperThomas (Tom) Richard CarperDemocrats scramble to contain Franken fallout  Pruitt to testify on EPA agenda at House, Senate hearings Senate confirms top air regulator at EPA MORE (D-Del.) introduced a bipartisan bill similar to something House Republicans passed last month. The Bipartisan Student Loan Certainty Act, S. 1241, requires that, for each academic year, all newly issued student loans be set to the U.S. Treasury 10-year borrowing rate plus 1.85 percent for undergraduate loans. The interest rate is capped at a consolidated rate of 8.25 percent. 

Warren said that bill increases federal profits from student loans at the expense of struggling college students and middle class families.

“The government is making obscene profits on these loans,” Warren said. “This is just plain wrong.”

Warren argued that a one-year fix was necessary for lawmakers to have enough time to address the drivers of increased tuition costs and existing student loan debt in the reauthorization of the Higher Education Act.

It’s unclear if Senate Majority Leader Harry ReidHarry ReidVirginia was a wave election, but without real change, the tide will turn again Top Lobbyists 2017: Grass roots Boehner confronted Reid after criticism from Senate floor MORE (D-Nev.) will allow a vote on the bipartisan bill, but a vote on the motion to proceed to the Democratic bill introduced by Sen. Jack ReedJohn (Jack) Raymond ReedArmy leader on waiver report: 'There's been no change in standards' 15 Dems urge FEC to adopt new rules for online political ads Monopoly critics decry ‘Amazon amendment’ MORE (D-R.I.) could be as soon as Wednesday.

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