The Senate has struck a deal that lets college students avoid higher interest rates on federal loans, ending a weeks-long standoff between Majority Leader Harry Reid, D-Nev., and members of his own party.

After several days of closed door meetings, a bipartisan group of eight senators on Thursday afternoon introduced a proposal that links interest rates to the 10-year Treasury note. The setup means rates would increase over time, unlike the current system that locks in rates. But caps would be set on how high the rates could climb.