The proposed agreement came hours after the U.S. Department of Justice sued the state over its decades-old law.
New data from the National Student Clearinghouse Research Center also showed that Black and Hispanic persistence rates reached decade highs.
The agency released widely contested regulations this spring that blocked access to higher borrowing limits for many graduate students.
Dive Snapshot: Rep. Suzanne Bonamici filed three articles of impeachment Thursday against U.S. Education Secretary Linda McMahon, accusing her of illegally dismantling the U.S. Department of Education and lying to Congress. Bonamici pointe