President Obama signed an executive order yesterday intended to lessen the college loan burden on nearly five million younger Americans by capping repayments at 10 percent of the borrowers’ monthly income, the New York Times reported today. Joined by indebted graduates in the East Room of the White House, Obama said the spiraling cost of higher education had put “too big a debt load on too many people.” Obama’s executive actions coincided with the introduction of a bill by Senate Democrats that would allow 25 million borrowers to refinance student loans at lower interest rates. The government would finance the measure by imposing a new tax on wealthy people.
http://www.nytimes.com/2014/06/10/us/politics/obama-noting-own-student-…
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