In June, a similar bill offering a two-year extension of the 3.4 percent rate failed 51-46.
That bipartisan bill is similar to one passed by the House, and one proposed by President Obama. Republicans have hammered Democrats for the last several weeks for failing to use these ideas as a basis for advancing a bill in the Senate.
But as of Wednesday, Senate Democrats had not said whether they would allow a vote on the bipartisan loan bill.
In the House, members meet at noon to resume work on the 2014 energy and water spending bill, H.R. 2609. The House worked late into Tuesday night on amendments to this bill, mostly killing off Democratic amendments that would have boosted renewable energy and science programs.
Ten amendments that were debated Tuesday night still need a vote, and other amendment proposals are expected to be debated and voted on today. It's not clear whether the House will finish work on the spending bill today on Thursday.