To Help Boost Economy, Obama Moves to Ease Student Debt Burden from EDweek.org

By Michele McNeil on October 25, 2011 8:55 PM

The Obama administration unveiled a plan to make it easier, and cheaper, for students to repay their student loans—all as part of a broader strategy to hammer on Congressional Republicans for failing to enact his jobs plan.

Using his executive authority, President Obama plans to accelerate an income-based loan repayment plan Congress approved in 2010. Currently, the plan would cap loan repayments at 10 percent of discretionary income beginning in 2014. Obama will start the 10 percent cap in 2012. (Anyone who takes out a loan in 2012 would be eligible.) Administration officials estimate this will lower payments for 1.6 million borrowers.
"These are real savings that will help these graduates get started on their careers," U.S. Secretary of Education Arne Duncan said in a conference call today with reporters announcing the initiative.

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