Reid said Democrats and Republicans have been negotiating a compromise bill that would retroactively address a student loan hike that went into effect earlier this month.

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On July 1, need-based student loan rates doubled from 3.4 percent to 6.8 percent.

Republicans have pushed a permanent solution that would set loan rates based on the 10-year Treasury note, while Democrats advocated for a one-year extension of current rates. One of Democrats’ complaints about the Republicans proposals was that the cap on loans was higher than 6.8 percent.

The bill is expected to look similar to the Bipartisan Student Loan Certainty Act introduced by Sens. Joe ManchinJoe ManchinSenate Republicans reluctant to rush vote on healthcare bill Manchin: Senate can do 'an awful lot' to improve healthcare bill Sunday shows preview: Senate healthcare debate heats up MORE (D-W.Va.), Richard BurrRichard BurrSenate intel panel to hold hearing on Russian meddling in Europe Overnight Tech: Uber CEO resigns | Trump's Iowa tech trip | Dems push Sessions to block AT&T-Time Warner deal | Lawmakers warned on threat to election systems | Overnight Cybersecurity: Obama DHS chief defends Russian hack response | Trump huddles on grid security | Lawmakers warned about cyber threat to election systems MORE (R-N.C.), Tom CoburnTom Coburn'Path of least resistance' problematic for Congress Freedom Caucus saved Paul Ryan's job: GOP has promises to keep Don't be fooled: Carper and Norton don't fight for DC MORE (R-Okla.), Lamar AlexanderLamar AlexanderThe Hill's Whip List: Senate ObamaCare repeal bill Trump administration pays June ObamaCare subsidies to insurers Republicans and the lost promise of local control in education MORE (R-Tenn.), Angus KingAngus KingElection hacking fears turn heat on Homeland Security Zinke hits Dems for delaying Interior nominees Angus King: I’m sure Flynn will 'appear before the committee one way or another' MORE (I-Maine) and Tom CarperTom CarperDems push for more action on power grid cybersecurity Overnight Energy: Lawmakers challenge Trump's proposed EPA cuts Overnight Energy: Tillerson maintains support for Paris deal despite Trump decision MORE (D-Del.). It requires all newly issued student loans be set to the 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, but because of negotiations, that cap is likely to be lower.

“The legislation has been presented to me,” Reid said. “It isn’t everything that I want, but it’s a work of a number of Democratic and Republican senators working long hours. We have to get this done as soon as possible, and of course, we’ve made it retroactive.”

Reid said the Senate would at least take the bill up before leaving for the August recess. He also said he hoped student loan bills from other senators would get votes at the same time.