WASHINGTON—The Trump administration is considering ways to help Americans with their student-loan debt, according to senior administration officials, including by refinancing loans at lower interest rates and eliminating debt in bankruptcy.

President Trump has asked advisers for a plan that would rely on policy changes at the Education Department, which oversees federal student-loan lending, and possibly Congress. It would counter student-debt-forgiveness proposals by some Democratic presidential contenders. Sen. Bernie Sanders…

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