The U.S. Senate is set to vote on a bill that would lower interest rates for federal student loans on Wednesday.
Student loan interest rates doubled on July 1, 2013 after Congress failed to act on a measure that held them at their current rates.
The new interest rate deal would link loan rates to treasury borrowing rates.
If it passes, undergraduate students would have an interest rate at 3.86 percent, graduate students would be able to borrow at a rate of 5.4 percent, and parents at 6.4 percent.
The rates could increase with the markets but there's a provision that would cap rates at 8.25 percent.
Critics of the new bill say it would ultimately hurt students in the long run.
The White House wants to see this bill pass. There is bi-partisan support for it.
11 million people have federal student loans according to Education Secretary Arne Duncan.