The initiative sought to provide lower monthly loan payments and forgive remaining debt after a certain period of time.

Washington — The U.S. Department of Education announced a proposed agreement Tuesday that would permanently axe an income-driven student loan repayment plan in which more than 7 million student loan borrowers are enrolled. Under a joint proposal with seven Republican-led states that challenged the program, the department would not enroll any new borrowers in the Saving on a Valuable…

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