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The Boston Globe

Nation

$22b cost poses hurdle for student loan proposal

Lawmakers still seeking way to keep rates down

WASHINGTON — An emerging deal to lower interest rates on student loans hit a major obstacle Thursday after lawmakers were told it carried a $22 billion price tag over the next decade.

The proposal was designed to offer Democrats the promise that interest rates would not reach 10 percent and to give Republicans a link between borrowing terms and the financial markets that they sought. But at that cost, the bipartisan coalition behind it decided to push pause and return to negotiations to bring that cost down.

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