Dive Summary:

• The Senate approved a plan that would tie college loan rates to the financial markets, bringing Congress close to a solution to a battle that caused rates to double July 1.
• Amid the 81-18 vote, some dissenting senators criticized their colleagues for leaving lower- and middle-income students exposed to market swings.
• The House is expected to pass the Senate bill before Congress leaves for its recess next week.

From the article:

... In a compromise that pleased many Democrats who had initially been wary of using a rate that fluctuated with the markets, Congress set a cap on all loans: 8.25 percent for undergraduates, 9.5 for graduate students and 10.5 for PLUS recipients. ...