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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) ManchinThis week: Kavanaugh nomination thrown into further chaos GOP plays defense on ObamaCare’s pre-existing conditions Doug Jones to McConnell: Don't 'plow right through' with Kavanaugh MORE (D-W.Va.), Richard BurrRichard Mauze BurrHillicon Valley: State officials share tech privacy concerns with Sessions | Senator says election security bill won't pass before midterms | Instagram co-founders leave Facebook | Google chief to meet GOP lawmakers over bias claims Overnight Energy — Sponsored by the National Biodiesel Board — Texas coal plant to shut down | Macron rejects trade deals with climate pact outsiders | Vote on park funding bills to miss deadline Senate panel eyes vote on parks funding bills after key deadline MORE (R-N.C.), Tom CoburnThomas (Tom) Allen CoburnCongress must use bipartisan oversight as the gold standard John McCain was a taxpayer hero The White House can — and should — bypass Congress to kill Obama-era spending MORE (R-Okla.), Lamar AlexanderAndrew (Lamar) Lamar AlexanderDems push back on using federal funds to arm teachers Overnight Health Care: GOP plays defense over pre-existing conditions | Groups furious over new Trump immigration proposal | Public health advocates decry funding transfer over migrant children Overnight Health Care: Senators target surprise medical bills | Group looks to allow Medicaid funds for substance abuse programs | FDA launches anti-vaping campaign for teens MORE (R-Tenn.), Angus KingAngus Stanley KingA Senator Gary Johnson could be good not just for Libertarians, but for the Senate too Restoring our national parks would be a bipartisan win for Congress Restore our parks MORE (I-Maine) and Tom CarperThomas (Tom) Richard CarperTrump Jr. to Dem Senator: 'You admitted to hitting your wife so hard it gave her a black eye!' Melania Trump's spokeswoman gets Hatch Act warning for #MAGA tweet EPA to abandon restrictions against chemical linked to climate change 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.