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 DurbinDems sour on shutdown tactics Senate faces difficult path to immigration deal House Dems furious with Senate leaders 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 McConnellTrump: If there's no wall, there's no DACA fix Schumer: Democrats 'cut the best deal we could' Dems sour on shutdown tactics 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) ManchinOvernight Energy: Trump signs solar tariffs | Energy official say ‘bomb cyclone’ justifies coal push | Trump chemical safety pick leaving EPA Manchin tells colleagues he's running for reelection: report Trump admin uses recent 'bomb cyclone' to push coal energy MORE (D-W.Va.), Richard BurrRichard Mauze BurrMissing text messages inflame Republican anger at the FBI Trump’s former chemical safety nominee leaving EPA Congress needs bipartisanship to fully investigate Russian influence MORE (R-N.C.), Tom CoburnThomas (Tom) Allen CoburnPaul Ryan should realize that federal earmarks are the currency of cronyism Republicans in Congress shouldn't try to bring back earmarks Republicans should know reviving earmarks is a political nightmare MORE (R-Okla.), Lamar AlexanderAndrew (Lamar) Lamar AlexanderGorsuch has dinner at GOP senator’s home Senate moderates see influence grow after shutdown fight Senator using 'talking stick' breaks Collins' glass elephant during shutdown talks: reports MORE (R-Tenn.), Angus KingAngus Stanley KingSchumer comes under fire over funding deal Senate moderates see influence grow after shutdown fight 2020 Democrats vote against Schumer deal MORE (I-Maine) and Tom CarperThomas (Tom) Richard CarperTrump’s former chemical safety nominee leaving EPA WHIP LIST: Shutdown looms as Senate lacks votes to pass House spending bill Dems harden line on stopgap measure 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.