House Democrats have water-downed a promising piece of Corona legislation. The Health and Economic Recovery Omnibus Emergency Solutions Act (HEROES Act) – a $3 trillion piece of proposed legislation to inject cash and other relief into the economy originally included:
- $10,000 in across-the-board student loan forgiveness for federal student loan borrowers.
- $10,000 in private student loan forgiveness.
A last-minute amendment to the HEROES Act limits the $10,000 loan forgiveness to borrowers who:
- Had a monthly payment of $0 under income-contingent or income-based repayment;
- Were in default;
- •Were at least 90 days past due; or
- Whose payments are suspended under existing forbearance options. To stimulate the economy