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 ManchinGOP senator presses Trump to back miners' benefits What gun groups want from Trump Senate passes stopgap funding bill, averting shutdown MORE (D-W.Va.), Richard BurrRichard BurrTop Intel Dem: Congress 'far from consensus' on encryption Trump must be an advocate for the Small Business Administration Dems pledge to fight Sessions nomination MORE (R-N.C.), Tom CoburnTom CoburnWill Trump back women’s museum? Don't roll back ban on earmarks Ryan calls out GOP in anti-poverty fight MORE (R-Okla.), Lamar AlexanderLamar AlexanderGOP eyes big gamble on ObamaCare Mnuchin, Price meet with GOP senators Reid bids farewell to the Senate MORE (R-Tenn.), Angus KingAngus KingBudowsky: Did Putin elect Trump? This Week in Cybersecurity: Dems press for information on Russian hacks Angus King: Trump's not draining swamp, he's adding alligators MORE (I-Maine) and Tom CarperTom CarperWhy Trump picked a retired general for Homeland Security Dems, greens gear up for fight against Trump EPA pick 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 MenendezThe right person for State Department is Rudy Giuliani Warren, Menendez question shakeup at Wells Fargo Democrats press Wells Fargo CEO for more answers on scandal 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.