Obama Seeks to Ease Student Debt

The president will issue an executive order Monday in the name of easing student borrowers’ debt loads by capping repayments at 10 percent of their monthly income, the New York Times reports.
President Barack Obama said in his weekly address Saturday that he would take action on student loan issues in the coming days, but gave no details. A White House official told the times that Obama will expand on a 2010 law that capped borrowers’ repayment but left a hole in eligibility for people with older loans. Those...

President Obama on Monday will take executive actions to ease the burden of college loan debt for potentially millions of Americans, in a White House event coinciding with Senate Democrats’ plans for legislation to address a concern of many voters in this midterm election year.

Before an East Room audience, Mr. Obama is scheduled to announce “new steps to further lift the burden of crushing student loan debt,” said a White House official, who declined to be identified describing the actions in advance of the president’s event.