this is a bad thing. it also may affect the Supreme Court's decision on student loan forgiveness. now they don't have to worry that no forgiveness means no resumption. but as @ddayen points out, the biggest deal in the Biden admin's student debt proposal was the very generous IDR (income-driven repayment plan), which would provide immediate relief but ultimately necessitate a restructuring of how colleges set tuition. i hope that is still on.
from @ddayen on Twitter: Any macro impact is going to come from the return of student loan payments, which are codified in this agreement and now guaranteed later this summer. $400/mo payments for millions are back, with no clarity yet on whether cancellation will happen. One caveat to that: The administration has promised a far more generous income-driven repayment plan that would slash payments for lower earners. We haven't heard much about the progress of the updates to this program.