WASHINGTON — President Joe Biden’s student loan agenda would be all but obliterated by the U.S. debt legislation passed by House Republicans, dooming his mass cancellations, scrapping a more generous loan repayment option and permanently barring future regulation around student debt.
Republicans see it as a victory for taxpayers. Democrats claim it would hurt the economy and block college students who need financial aid.
The GOP bill would cancel both of Biden’s marquee student debt proposals: a one-time cancellation of up to $20,000 for more than 40 million Americans, and an updated loan repayment plan that could slash monthly payments for millions.
It would also lift a pause on federal student loan payments, forcing borrowers into r…
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