Amid mounting coronavirus deaths, a faltering economy and slipping poll numbers, President Trump faces a fresh dilemma with possible consequences for his re-election: Should he stand by his education secretary’s efforts to roll back loan forgiveness for students bilked by their colleges?

On Tuesday, Speaker Nancy Pelosi sent Mr. Trump Congress’s bipartisan resolution to overturn an Education Department rule that would make it considerably harder for students to have their federal loans forgiven, even if they could show they were victims of unscrupulous universities.