WASHINGTON (AP) — Students applying for financial aid for the coming school year could find some comfort in a bipartisan student loan compromise taking shape in the Senate that would prevent interest rates from doubling and set a single rate each year for undergraduate students, rich or poor.

Interest rates, which would be tied to the financial markets, would rise slightly to 3.8 percent for low-income students receiving new subsidized Stafford loans this year but not double as they’re scheduled to do July 1. Despite the increase, the rate is still lower than the 6.8 percent students would face absent congressional action. The current rate is 3.4 percent.