The White House says President Barack Obama will sign a bill Friday to lower the costs of borrowing for millions of students.

The bipartisan bill has been awaiting Obama's signature since earlier this month, when the House gave it final congressional approval after a drawn-out process to reach a compromise in the Senate.

The bill links student loan interest rates to the financial markets. It would offer lower rates for most students now, but higher ones down the line if the economy improves as expected.

White House spokesman Jay Carney says Obama will sign the bill in a ceremony at the White House. He says in the coming months, Obama will lay out an aggressive plan to reduce costs for college students.