The Senate will vote Monday on whether to debate the Democratic plan to keep federal student loan interest rates for low- and middle-income students from doubling on July 1, continuing the election-year battle for college voters.

The Democratic bill, unveiled on April 24, counters the Republican plan to freeze the 3.4 percent interest rate on subsidized Stafford loans for one more year. Each plan is estimated to cost around $6 billion and would affect 7.4 million students, The Associated Press said.

Fox News reported that college students finish school owing an average $25,000 in loans. The Federal Reserve Bank of New York estimated that 37 million Americans owe $870 billion in student loan debt, with two-thirds held by people under age 30.

Where will the $6 billion to freeze student loan interest rates come from? The Democratic plan would collect higher Social Security and Medicare payroll taxes from privately owned companies called S corporations over the next decade. According to Fox News, S corporations have incomes exceeding $250,000 and revenues that mostly come from the work of three or fewer owners.

The Republican plan would be financed by eliminating the Prevention and Public Health Fund established by President Barack Obama's health care overhaul that Democrats say mostly benefits women.

House Minority Leader Nancy Pelosi said that the Republican proposal, which the House passed on April 25 by a vote of 215-195 before the White House issued a veto threat, would eliminate a health fund that she believes is imperative to the "survival to women."

Republicans are also critical of their opponents' plan, which taxes small-business owners.

"Not only are they calling for higher taxes on small-business owners, they also plan to raid the Medicare and Social Security trust funds at the same time," Senate Minority Leader Mitch McConnell (R-Ky.) told Fox News.

Neither proposal is expected to prevail. However, the parties are expected to make a bipartisan deal before July 1 because of its importance in the upcoming presidential and congressional elections.

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Where do you think the plan's financing should come from? Leave your comments below.