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 ManchinJoe ManchinPath to 60 narrows for Trump pick Overnight Healthcare: Ryan visits White House amid healthcare rubble Pence pushes Manchin in home state to support Gorsuch MORE (D-W.Va.), Richard BurrRichard BurrSenate committee to question Kushner over Russian meetings: report Devin Nunes has jeopardized the oversight role of Congress Schumer: Trump must apologize for wiretapping claim MORE (R-N.C.), Tom CoburnTom CoburnDon't be fooled: Carper and Norton don't fight for DC Coburn: Trump's tweets aren't presidential The road ahead for America’s highways MORE (R-Okla.), Lamar AlexanderLamar AlexanderOvernight Regulation: Trump's Labor nominee hints at updating overtime rule Trump's Labor pick signals support for overtime pay hike Live coverage: Day three of Supreme Court nominee hearing MORE (R-Tenn.), Angus KingAngus KingPath to 60 narrows for Trump pick Week ahead: House Intel chair under fire over Trump surveillance claims Under pressure, Dems hold back Gorsuch support MORE (I-Maine) and Tom CarperTom CarperPath to 60 narrows for Trump pick Overnight Finance: Trump stock slump | GOP looks to tax bill for lifeline | Trump repeals 'blacklisting rule' | Dem wants ethics probe into Treasury secretary The Hill's 12:30 Report 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 MenendezCorruption trial could roil NJ Senate race Steve Mnuchin, foreclosure king, now runs your US Treasury Senate Dems move to nix Trump's deportation order 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.