The Senate has agreed to vote Wednesday on a bipartisan compromise on student loans that would lower interest rates for the next few years, in its latest attempt to undo a rate hike that doubled the rates for subsidized Stafford loans on July 1.

The lawmakers will debate the bill, which would link the federal loan interest rates to the financial markets, and its two amendments.

The White House on Tuesday released a statement urging swift passage of the deal, negotiated over the last few weeks by Democratic Sen. Joe Manchin of West Virginia and Republican Sen. Richard Burr of North Carolina. 

Interest rates on subsidized Stafford loans doubled to 6.8 percent on July 1 because Congress did not act. 

Lawmakers say the rate is unacceptably high but they differ on how best to restore them.

The Associated Press contributed to this report