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On July 1, rates for need-based student loans doubled from 3.4 percent to 6.8 percent. Senators are expected to debate two competing bills aimed at retroactively fixing the student loan hike this week.

Most Senate Democrats support S. 1238, but a bipartisan group introduced a plan similar to one passed by the House, which would make the interest rate equal to the 10-year Treasury note plus 1.85 percent. The House-passed bill set the rate at the 10-year note plus 2.5 percent. 

Both the House GOP bill and bipartisan Senate bill, S. 1241, capped maximum loan rates above 8 percent, leading some Democrats to say the bills are worse than doing nothing because rates could get higher than 6.8 percent. It is unclear if the Bipartisan Student Loan Certainty Act from Sens. Joe ManchinJoseph (Joe) ManchinDemocrats brush off GOP 'trolling' over Green New Deal Senate confirms Trump pick William Barr as new attorney general GOP wants to pit Ocasio-Cortez against Democrats in the Senate MORE (D-W.Va.), Richard BurrRichard Mauze BurrHarris on election security: 'Russia can't hack a piece of paper' Schiff: Evidence of collusion between Trump campaign, Russia 'pretty compelling' The Hill's 12:30 Report — Presented by Kidney Care Partners — Lawmakers scramble as shutdown deadline nears MORE (R-N.C.), Tom CoburnThomas (Tom) Allen CoburnThe Hill's Morning Report — Presented by PhRMA — Worries grow about political violence as midterms approach President Trump’s war on federal waste American patients face too many hurdles in regard to health-care access MORE (R-Okla.), Lamar AlexanderAndrew (Lamar) Lamar AlexanderDems ready aggressive response to Trump emergency order, as GOP splinters Congress must move forward on measure dealing with fentanyl GOP advances rules change to speed up confirmation of Trump nominees MORE (R-Tenn.), Angus KingAngus Stanley KingTexas senator introduces bill to produce coin honoring Bushes Drama hits Senate Intel panel’s Russia inquiry Warner, Burr split on committee findings on collusion MORE (I-Maine) and Tom CarperThomas (Tom) Richard CarperDems slam EPA plan for fighting drinking water contaminants EPA to announce PFAS chemical regulation plans by end of year Overnight Energy: Zinke joins Trump-tied lobbying firm | Senators highlight threat from invasive species | Top Republican calls for Green New Deal vote in House MORE (D-Del.) will also get a procedural vote on Wednesday.

Democrats have pointed to Congressional Budget Office estimates that the federal student loan program has generated a $50 billion profit, saying the government shouldn’t profit off students and low-income families.

“Too many Michigan students and families are strapped with tens of thousands in student loan debt when they graduate,” Stabenow said. “We need to be making college more affordable, not raising rates so the government makes a profit off of students.”

Last month, the Senate attempted to pass similar legislation that would have extended the 3.4 percent rate for two years — paid for by ending tax breaks for corporations and the wealthy — but there wasn’t enough support to overcome the Republican filibuster requiring 60-votes to advance the bill.