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 ManchinOPINION | 5 ways Democrats can win back power in the states Trump's Democratic tax dilemma Manchin eyed as potential pick for Energy secretary: report MORE (D-W.Va.), Richard BurrRichard Mauze BurrSenate chairman hopes to wrap up Russia investigation this year Lawmakers seek to interview Trump secretary in Russia probe Senate Dem wants closer look at Russia's fake news operation on Facebook MORE (R-N.C.), Tom CoburnTom CoburnAl Franken: 'I make fun of the people who deserved it' The more complex the tax code, the more the wealthy benefit Congress, stop using our nation's military policy for political purposes MORE (R-Okla.), Lamar AlexanderAndrew (Lamar) Lamar AlexanderTrump to make ObamaCare payments to insurers for August CBO: ObamaCare premiums could rise 20 percent if Trump ends payments CBO to release report Tuesday on ending ObamaCare insurer payments MORE (R-Tenn.), Angus KingAngus Stanley KingSen. King: If Trump fires Mueller, Congress would pass veto-proof special prosecutor statute Senate heading for late night ahead of ObamaCare repeal showdown Overnight Healthcare: Four GOP senators threaten to block 'skinny' repeal | Healthcare groups blast skinny repeal | GOP single-payer amendment fails in Senate MORE (I-Maine) and Tom CarperThomas (Tom) Richard CarperSenators push for possible FCC enforcement over Lifeline fraud Lacking White House plan, Senate focuses on infrastructure Governors-turned-senators meet to talk healthcare 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.