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) ManchinDems mull big changes after Brazile bombshell A bipartisan bridge opens between the House and Senate Collins, Manchin to serve as No Labels co-chairs MORE (D-W.Va.), Richard BurrRichard Mauze BurrJuan Williams: The shame of Trump's enablers Five takeaways from the social media hearings Overnight Tech: Senators demand tech firms do more on Russian meddling | House Intel releases Russian-promoted ads | Apple CEO says 'fake news' bigger threat than ads | Ex-Yahoo CEO, Equifax execs to testify on breaches MORE (R-N.C.), Tom CoburnTom 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 AlexanderObamaCare becomes political weapon for Democrats Senate passes resolution requiring mandatory sexual harassment training Sen. Warren sold out the DNC MORE (R-Tenn.), Angus KingAngus Stanley KingMeet the GOP senator quietly pushing an ObamaCare fix Uranium One deal led to some exports to Europe, memos show Senators demand more action from tech firms on Russian election meddling MORE (I-Maine) and Tom CarperThomas (Tom) Richard CarperSenate confirms top air regulator at EPA Senate panel delays vote on Trump’s Homeland Security pick Overnight Energy: Senators grill Trump environmental pick | EPA air nominee heads to Senate floor | Feds subpoena ex-Trump adviser over biofuels push 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. Robert MenendezRobert (Bob) MenendezIn judge's 2010 Senate trial, Menendez was guilty of hypocrisy Excused Menendez juror: 'I don't think he did anything wrong' We don't need a terrorist attack to know diversity program has to go 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.