Reid: Progress is being made on a student loan compromise

Lawmakers missed the July 1 deadline for when need-based student loan rates doubled from 3.4 percent to 6.8 percent.

Reid said a group of senators have been meeting at his instruction in Sen. Dick DurbinDick DurbinDems to Clinton: Ignore Trump on past scandals How airport security lines got so bad Dem senators call for sanctions on Congo MORE's (D-Ill.) office to work out a possible compromise. 

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Later Wednesday, the Senate will vote on whether to end debate on a motion to proceed to S. 1238, the Keep Student Loans Affordable Act, which would extend the 3.4 percent loan rate on need-based loans for one year.

There is a Republican alternative bill, but Senate Minority Leader Mitch McConnellMitch McConnellHillary's ObamaCare problem In House GOP, Ryan endorsement of Trump seen as inevitable McConnell: Trump White House will have ‘constraints’ MORE (R-Ky.) said Democrats are putting politics ahead of students by not considering that bill, which is similar to something President Obama proposed in his own budget. 

“Senate Democrats are still blocking bipartisan student loan reform,” McConnell said Wednesday. “You have to ask yourself why. Well, because they’ve prioritized politics over helping students.”

Sens. Joe ManchinJoe ManchinSenators to Obama: Make 'timely' call on Afghan troops levels Dem senator: Sanders ‘doesn’t have a lot of answers’ Groups urge Senate to oppose defense language on for-profit colleges MORE (D-W.Va.), Richard BurrRichard BurrThe Trail 2016: Hell breaks loose Burr, Ross in statistical dead heat in NC Senate race Senate panel advances spy policy bill, after House approves its own version MORE (R-N.C.), Tom CoburnTom CoburnMcCain: No third-party foes coming for Trump Tough choice for vulnerable GOP senators: Embrace or reject Trump The Trail 2016: Donald and the Supremes MORE (R-Okla.), Lamar AlexanderLamar AlexanderSenate backs equal pay for female soccer players Overnight Healthcare: Momentum on mental health? | Zika bills head to conference | Only 10 ObamaCare co-ops left Overnight Regulation: GOP slams new Obama education rules MORE (R-Tenn.), Angus KingAngus KingSenators to Obama: Make 'timely' call on Afghan troops levels Lawmakers push to elevate Cyber Command in Senate defense bill House, Senate at odds on new authority for cyber war unit MORE (I-Maine) and Tom CarperTom CarperFinancial industry spars with retailers over data breach bill Week ahead: Cyber Command in the spotlight Lawsuit exposes M cybertheft through banking software MORE (D-Del.) introduced a bipartisan bill similar to the House plan. The Bipartisan Student Loan Certainty Act requires all newly issued student loans be set to the U.S. Treasury 10-year borrowing rate plus 1.85 percent for undergraduate loans. The cap on interest rates for consolidated loans would be 8.25 percent.

Democrats say that plan would be worse than doing nothing because there is no cap to loan interest rates.

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