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 ReedSenators push to authorize 4,000 more visas for Afghans Groups urge Senate to oppose defense language on for-profit colleges Reid throws wrench into Clinton vice presidential picks MORE (D-R.I.) and Elizabeth WarrenElizabeth WarrenDems see political gold in fight over Trump's taxes Sanders: Clinton with a moderate VP would be a 'disaster' Verizon, striking unions reach agreement in principle 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 SandersFive things Clinton needs to do to win the California primary Clinton adds Calif. stops heading into final week Striking Verizon workers reach tentative deal MORE' (I-Vt.) amendment would sunset the bill after two years.
Senate Minority Leader Mitch McConnellMitch McConnellHillary's ObamaCare problem In House GOP, Ryan endorsement of Trump seen as inevitable McConnell: Trump White House will have ‘constraints’ 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 PortmanJuan Williams: Electoral map looks grim for Trump McConnell touts 'Senate squad' in Wes Anderson-style video Liberal super-PAC hits Johnson for supporting Trump MORE (R-Ohio) that would prioritize bridge construction.