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Revised plan would limit the $10K in loan forgiveness only to those borrowers who were “economically distressed” on the day *before* Trump declared a coronavirus national emergency (March 12).
Dem aide says revised plan would provide some amount of relief to 20M+ federal borrowers, half of whom would have debt completely canceled. Unclear on #s for private loans.
Just as original bill was being finalized, CBO estimated that the student loan forgiveness provision would cost $250-$300B -- which was much higher than lawmakers initial estimates.
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