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 DurbinRichard (Dick) Joseph DurbinPompeo faces pivotal vote To succeed in Syria, Democrats should not resist Trump policy Hannity, Kimmel, Farrow among Time's '100 Most Influential' 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 McConnellAddison (Mitch) Mitchell McConnellRand's reversal advances Pompeo After Dems stood against Pompeo, Senate’s confirmation process needs a revamp Overnight Cybersecurity: Senators eye path forward on election security bill | Facebook isn't winning over privacy advocates | New hacks target health care 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 ManchinJoseph (Joe) ManchinRand's reversal advances Pompeo West Virginia GOP Senate candidate says he’d like to waterboard opioid dealers Overnight Health Care: Teen pregnancy program to focus on abstinence | Insurers warn against short-term health plan proposal | Trump VA pick faces tough sell MORE (D-W.Va.), Richard BurrRichard Mauze BurrSenators chart path forward on election security bill Overnight Cybersecurity: Staff changes upend White House cyber team | Trump sends cyber war strategy to Congress | CIA pick to get hearing in May | Malware hits Facebook accounts Senators express concerns over Haspel's 'destruction of evidence' MORE (R-N.C.), Tom CoburnThomas (Tom) Allen CoburnPension insolvency crisis only grows as Congress sits on its hands Paul Ryan should realize that federal earmarks are the currency of cronyism Republicans in Congress shouldn't try to bring back earmarks MORE (R-Okla.), Lamar AlexanderAndrew (Lamar) Lamar AlexanderThe risk of kicking higher ed reauthorization down the road Maternal deaths keep rising in US, raising scrutiny Supreme Court weighs future of online sales taxes MORE (R-Tenn.), Angus KingAngus Stanley KingRand's reversal advances Pompeo Pompeo headed for confirmation after surprise panel vote Donnelly becomes third Dem to support Pompeo MORE (I-Maine) and Tom CarperThomas (Tom) Richard CarperOvernight Energy: Dems raise new questions about Pruitt's security | EPA rules burning wood is carbon neutral | Fourth GOP lawmaker calls for Pruitt's ouster | Court blocks delay to car efficiency fines Dems: Pruitt’s office security sweep was subpar GOP chairman probes Pruitt’s four email addresses 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.