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

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The Senate is expected to add the Bipartisan Student Loan Certainty Act, S. 1334, as an amendment, which retroactively sets student loan rates to the 10-year Treasury note, plus 2.05 percent for undergraduate loans to cover administrative costs. The bill also caps undergraduate loan rates at 8.25 percent.

If that bipartisan amendment doesn't pass the final bill is also unlikely to.

The House-passed bill put the rate at the 10-year note plus 2.5 percent, and has a 8.5 percent cap on consolidated loans. But the House version proposed a variable rate for loans, while the Senate bill would set fixed rates.

Some Democrats have said that they could not support the bill because it “profits off the backs of students.” The Senate will also consider two amendments from those opposing the bill — all amendments and final passage will be held to a 60-vote threshold.

Sens. Jack ReedJohn (Jack) Francis ReedOvernight Defense: Pompeo lays out new Iran terms | Pentagon hints at more aggressive posture against Iran | House, Senate move on defense bill Defense bill moves forward with lawmakers thinking about McCain Overnight Defense: Trump aide's comment mocking McCain sparks outrage | Haspel gets another 'no' vote | Pompeo floats North Korea aid for denuclearization MORE (D-R.I.) and Elizabeth WarrenElizabeth Ann WarrenFortune 500 CEOs: The professional athletes of corporate America The Hill's Morning Report — Sponsored by PhRMA — The art of walking away from the deal Rising star Abrams advances in Georgia governor race MORE (D-Mass.) have an amendment that would reduce the student loan cap from 8.25 percent to 6.8 percent. That's paid for by taxing millionaires.

Sen. Bernie SandersBernard (Bernie) SandersTrump: ‘Clapper has now admitted there was spying on my campaign’ Overnight Defense: Trump decision on Korea summit coming 'next week' | China disinvited from major naval exercise | Senate sends VA reform bill to Trump Senate sends major VA reform bill to Trump's desk MORE' (I-Vt.) amendment would sunset the bill after two years.

Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellGiuliani: White House wants briefing on classified meeting over Russia probe GOP senators introduce Trump's plan to claw back billion in spending The Hill's 12:30 Report — Sponsored by Delta Air Lines — Trump now says Korea summit could still happen June 12 MORE (R-Ky.) said it's about time Democrats bring the legislation to the floor.

"At least Democrats have finally stopped obstructing," McConnell said Wednesday. "This bill proves Democrats can actually work with Republicans if they want to."

Reid also said he wanted to complete work “in the next 24 hours” on S. 1243, the Transportation, Housing and Urban Development (THUD) Appropriations bill, which funds government transportation and housing agencies.

The Senate is expected to consider a few more amendments to that bill Wednesday, including one from Sen. Rob PortmanRobert (Rob) Jones PortmanLongtime tax aide leaving Senate Finance Committee Ex-McConnell policy aide joining lobby firm WATCH: Sen. Flake: “More doubtful” North Korean summit will happen  MORE (R-Ohio) that would prioritize bridge construction.