On July 1, need-based student loan rates doubled from 3.4 percent to 6.8 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 ReedJack ReedOvernight Finance: McConnell offers 'clean' funding bill | Dems pan proposal | Flint aid, internet measure not included | More heat for Wells Fargo | New concerns on investor visas Senate Dems call for investigation into Wells Fargo's wage practices Week ahead: Negotiators near deal on defense bill MORE (D-R.I.) and Elizabeth WarrenElizabeth WarrenJuan Williams: Verdict on big debate will be instantaneous WATCH LIVE: Warren campaigns for Clinton in NH Fifteen years since pivotal executive order, STORM Act could help fight terror finance 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 SandersBernie SandersCharlotte requires race discussion Hillary, Democrats refuse to have Debate: Hillary must play for millennials, not wait for Trump to lose them Juan Williams: Verdict on big debate will be instantaneous MORE' (I-Vt.) amendment would sunset the bill after two years.
Senate Minority Leader Mitch McConnellMitch McConnellConservative group presses GOP to vote against spending bill Top Armed Services Dem lobbies against 9/11 bill McConnell threatens shutdown to keep corporate political spending secret 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 PortmanRob PortmanSenate rivals gear up for debates Funding bill includes million for opioid crisis Senate panel approves pension rescue for coal miners MORE (R-Ohio) that would prioritize bridge construction.