New Legislation Helps Ease Student Loan Debt
President Barack Obama signed legislation this week that will help ease the burden of student loan debt for millions of Americans.
On Monday, President Obama signed a memo that would expand a program that lets borrowers pay no more than 10 percent of their income every month. He also gave his support for further legislation that targets the issue.
A report from the Associated Press states that the cost of attending college in the United States has left many students "feeling trapped." An estimated 5 million students would benefit from the new legislation.
Obama signed a plan into effect in 2010 that lets borrowers pay no more than 10 percent of their monthly income in payments, but it's available only for those who started borrowing after October 2007. Obama's memo expands that program by opening it to those who borrowed anytime in the past.