The bill proposes a new $6,000 per-person tax deduction for seniors. The maximum deduction starts phasing down once income surpasses $75,000 per person, or $150,000 for joint filers. Then it phases out completely once income crosses $175,000 per person or $250,000 per couple.

The Senate narrowly passed Trump's "big, beautiful bill" on Tuesday, which outlines substantial changes for student loan borrowers. Why it matters: For future borrowers — and millions of current ones — fewer repayment options will be available when and if the House passes the current bill.