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 ReedDems to GOP: Admit Trump is 'unfit' to be president Armed Services leaders encouraged after first conference meeting US urges China to be calm in wake of South China Sea ruling MORE (D-R.I.) and Elizabeth WarrenElizabeth WarrenWarren hammers Trump at Latino event Trump tries to stoke liberal anger at Kaine pick Clinton VP pick could face liberal ire 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 SandersDemocrats vote to overhaul superdelegate system Green candidate: Sanders should leave party that 'betrayed' him Clinton to call on Black Lives Matter at Dem convention MORE' (I-Vt.) amendment would sunset the bill after two years.
Senate Minority Leader Mitch McConnellMitch McConnellProgressive group changes tone on Kaine Trump hits Kaine on TPP: He supports a 'job killer' Clinton maps out first 100 days 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 PortmanThe Trail 2016: Trump’s big night Portman: Trump has 'potential' to help GOP candidates Kasich doesn't regret skipping convention MORE (R-Ohio) that would prioritize bridge construction.