WASHINGTON (AP) — President Joe Biden's student debt 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 barring future regulation around student debt.
Republicans see it as a victory for taxpayers, while Democrats say 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 would slash monthly payments for millions of borrowers.
