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.

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 Defense: Senate sides with Trump on military role in Yemen | Dem vets push for new war authorization on Iraq anniversary | General says time isn't 'right' for space corps Senate sides with Trump on providing Saudi military support Senate GOP: We will grow our majority in midterms MORE (D-W.Va.), Richard BurrRichard Mauze BurrOvernight Cybersecurity: Senate Intel releases election security findings | Facebook to meet with officials on Capitol Hill amid Cambridge Analytica fallout | Orbitz admits possible breach Senate Intel releases summary of election security report Overnight Cybersecurity: Trump-linked data firm Cambridge Analytica attracts scrutiny | House passes cyber response team bill | What to know about Russian cyberattacks on energy grid MORE (R-N.C.), Tom CoburnThomas (Tom) Allen CoburnPaul Ryan should realize that federal earmarks are the currency of cronyism Republicans in Congress shouldn't try to bring back earmarks Republicans should know reviving earmarks is a political nightmare MORE (R-Okla.), Lamar AlexanderAndrew (Lamar) Lamar AlexanderOvernight Health Care: House leaves out ObamaCare fix from funding bill | Trump appointees pushed to end teen pregnancy program | Key Dem raises concerns over potential CDC pick Lawmakers race to prevent shutdown amid last-minute snags House leaves out ObamaCare fix from must-pass funding bill MORE (R-Tenn.), Angus KingAngus Stanley KingLindsey Graham: Trump firing Mueller would 'probably' be impeachable offense Angus King: McCabe firing seemed 'mean-spirited' With bills on the table, Congress must heed the call to fix our national parks MORE (I-Maine) and Tom CarperThomas (Tom) Richard CarperWarren turns focus to Kushner’s loans Overnight Energy: Dems probe EPA security contract | GAO expands inquiry into EPA advisory boards | Dems want more time to comment on drilling plan Overnight Regulation: Senate takes first step to passing Dodd-Frank rollback | House passes bill requiring frequent reviews of financial regs | Conservatives want new checks on IRS rules 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) MenendezPoll: Menendez has 17-point lead over GOP challenger Russian attacks on America require bipartisan response from Congress Justice Dept intends to re-try Menendez in corruption case 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.