On July 1, need-based student loan rates doubled from 3.4 percent to 6.8 percent. Reed’s bill would retroactively bring some student loan rates back down to 3.4 percent.

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Last month, House Republicans passed a bill that based all student loan rates on the 10-year U.S. Treasury note, plus 2.5 percent with a loan cap of more than 8 percent.

“The legislation passed by the House would balance the budget on the backs of struggling students,” Reid said earlier Monday. “The House legislation is worse for students than doing nothing at all. Under the House plan, as interest rates start to rise, student loan rates will rise with them. Soon, loan rates will be more than double.”

The Senate attempted last month to pass 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.

A bipartisan group of senators have introduced an alternative bill similar to what the House passed last month, but it’s unclear if Reid will allow that bill to come to the floor for a vote.

Sens. Joe ManchinJoseph (Joe) ManchinOvernight Finance: House sends Dodd-Frank rollbacks to Trump | What's in the bill | Trump says there is 'no deal' to help ZTE | Panel approves bill to toughen foreign investment reviews House votes to ease regulation of banks, sending bill to Trump Senators demand answers on Trump’s ZTE deal MORE (D-W.Va.), Richard BurrRichard Mauze BurrConservatives leery of FBI deal on informant Senate confirms Haspel to head CIA The Hill's Morning Report: Mueller probe hits one-year mark MORE (R-N.C.), Tom CoburnThomas (Tom) Allen CoburnMr. President, let markets help save Medicare Pension insolvency crisis only grows as Congress sits on its hands Paul Ryan should realize that federal earmarks are the currency of cronyism MORE (R-Okla.), Lamar AlexanderAndrew (Lamar) Lamar AlexanderOvernight Health Care — Sponsored by PCMA — Abortion rights group plans M campaign to flip the House Senate health committee to hold hearing on Trump drug pricing plan Overnight Health Care — Sponsored by PCMA — VA reform bill heads to Trump's desk MORE (R-Tenn.), Angus KingAngus Stanley KingFor .2 billion, taxpayers should get more than Congress’s trial balloons Overnight Health Care — Sponsored by PCMA — Trump hits federally funded clinics with new abortion restrictions Dem senators ask drug companies to list prices in ads MORE (I-Maine) and Tom CarperThomas (Tom) Richard CarperHillicon Valley: Sweeping new data rules take effect | Facebook, Google already hit with complaints | Schumer slams reported ZTE deal | Senators look to save cyber post | Dem wants answers about Trump's phone security Senator asks Pentagon again for info on Trump's cellphone security Senate Dems to Mnuchin: Don't index capital gains to inflation MORE (D-Del.) introduced the Bipartisan Student Loan Certainty Act, S. 1241, which sets all undergraduate student loans to the U.S. Treasury 10-year borrowing rate plus 1.85 percent with a 8.25 percent cap on consolidated rates.

Before adjourning for the evening, Reid passed by unanimous consent the Organization of American States Revitalization and Reform Act. Sen. Bob MenendezRobert (Bob) MenendezThe Hill's Morning Report: Can Trump close the deal with North Korea? Senate must save itself by confirming Mike Pompeo Poll: Menendez has 17-point lead over GOP challenger MORE (D-N.J.) introduced S. 793, which directs Secretary of State to submit to Congress a multiyear strategy to carry out the diplomatic engagements of the Organization of American States.

This article was updated at 7:10 p.m. to include the passage of S. 793.