Go here and learn that, though the bill passed 81 to 19 and has President Obama's support, Senators Sanders and Warren are against it, believing that it will increase the costs of higher education for those who can least afford it. Some basic terms:
The compromise will fix undergraduate loans to the interest rate on 10-year Treasury bonds plus 2.05 percentage points up to a maximum of 8.25 percent. Graduate loans would add 3.6 percentage points to the 10-year T-bill up to 9.5 percent, and loans for parents would be offered at a spread of 4.6 percentage points to the same benchmark up to 10.5 percent. While the interest rate on each type of loan would reset each year with the Treasury rate, individual loans would have the same rate for the life of the loan.