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) Raymond ReedOvernight Defense: Senate passes 0B defense bill | 3,000 US troops heading to Afghanistan | Two more Navy officials fired over ship collisions Senate passes 0B defense bill This week: Senate wrapping up defense bill after amendment fight MORE (D-R.I.) and Elizabeth WarrenElizabeth Ann WarrenSenate Dems hold floor talk-a-thon against latest ObamaCare repeal bill Trump bets base will stick with him on immigration Dems call for action against Cassidy-Graham ObamaCare repeal 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) SandersOvernight Defense: Senate passes 0B defense bill | 3,000 US troops heading to Afghanistan | Two more Navy officials fired over ship collisions Senate passes 0B defense bill Dems fear lasting damage from Clinton-Sanders fight MORE' (I-Vt.) amendment would sunset the bill after two years.

Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellSenate passes 0B defense bill Overnight Health Care: New GOP ObamaCare repeal bill gains momentum Overnight Finance: CBO to release limited analysis of ObamaCare repeal bill | DOJ investigates Equifax stock sales | House weighs tougher rules for banks dealing with North Korea 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 PortmanWeek ahead in tech: Debate over online sex trafficking bill heats up 'Hillbilly Elegy' author won't run for Senate Brown, Portman urge Trump administration to move quickly on a steel decision MORE (R-Ohio) that would prioritize bridge construction.