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) ManchinTrump rips Dems a day ahead of key White House meeting Senate panel moves forward with bill to roll back Dodd-Frank Wealthy outsiders threaten to shake up GOP Senate primaries MORE (D-W.Va.), Richard BurrRichard Mauze BurrSessions argued presidents can obstruct justice in Clinton impeachment trial Trump Jr. to meet with Senate panel amid Russia probe Trump’s Russian winter grows colder with Flynn plea deal MORE (R-N.C.), Tom CoburnThomas (Tom) Allen 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 AlexanderOvernight Finance: Trump says shutdown 'could happen' | Ryan, conservatives inch closer to spending deal | Senate approves motion to go to tax conference | Ryan promises 'entitlement reform' in 2018 Senate approves motion to go to tax conference House conservatives, Ryan inch closer toward spending deal MORE (R-Tenn.), Angus KingAngus Stanley KingTrump rips Dems a day ahead of key White House meeting Trump pushing Maine gov to run for Senate: report Schumer: Franken should resign MORE (I-Maine) and Tom CarperThomas (Tom) Richard CarperAvalanche of Democratic senators say Franken should resign Overnight Cybersecurity: Mueller probe cost .7M in early months | Senate confirms Homeland Security nominee | Consumer agency limits data collection | Arrest in Andromeda botnet investigation Senate panel moves forward with bill to roll back Dodd-Frank 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) MenendezSenate ethics panel resumes Menendez probe after judge declares mistrial Judge declares mistrial in Menendez bribery case Menendez jury deadlocked, ordered to keep trying 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.