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) ManchinGOP sees fresh opening with Dems’ single payer embrace Trump steps up courtship of Dems The Hill's 12:30 Report MORE (D-W.Va.), Richard BurrRichard Mauze BurrLawmakers grapple with warrantless wiretapping program Facebook under fire over Russian ads in election 5 senators call for US to shutter embassy in Havana MORE (R-N.C.), Tom CoburnTom Coburn-trillion debt puts US fiscal house on very shaky ground Al Franken: 'I make fun of the people who deserved it' The more complex the tax code, the more the wealthy benefit MORE (R-Okla.), Lamar AlexanderAndrew (Lamar) Lamar AlexanderWeek ahead: Senators near deal to stabilize ObamaCare markets Corker pressed as reelection challenges mount Overnight Health Care: CBO predicts 15 percent ObamaCare premium hike | Trump calls Sanders single-payer plan ‘curse on the US’ | Republican seeks score of Sanders’s bill MORE (R-Tenn.), Angus KingAngus Stanley KingSenate's defense authorization would set cyber doctrine Washington dysfunction is damaging national security Booker signs on to Sanders's 'Medicare-for-all' bill MORE (I-Maine) and Tom CarperThomas (Tom) Richard CarperIt’s time for Congress to actually fix the individual health insurance market Where Dems stand on Sanders's single-payer bill Trump riles Dems with pick for powerful EPA job 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 ReidThe Memo: Trump pulls off a stone-cold stunner The Memo: Ending DACA a risky move for Trump Manchin pressed from both sides in reelection fight 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 ReedOvernight Defense: Senate passes 0B defense bill | 3,000 US troops heading to Afghanistan | Two more Navy officials fired over ship collisions Senate passes 0B defense bill This week: Senate wrapping up defense bill after amendment fight 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.