Obama's Student Loan Forgiveness Plan Finds Amped Up Volume

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Obama's Student Loan Forgiveness Plan Finds Amped Up Volume

by TheStreet 1:31 mins

Obama's Student Loan Forgiveness Plan Finds Amped Up Volume

by TheStreet 1:31 mins

President Obama wants to make good on his promise to stanch the student loan debt hemorrhage. On Monday, Obama announced that he's taking a more forceful approach in signing an executive order to expand the Department of Education's 'Pay as You Earn' program. The new plan would limits monthly student loan payments to 10% of a borrower's discretionary income and forgives unpaid debt after 20 years. The White House says 5 million borrowers could make lower payments under this plan. On Tuesday, Obama will be taking to Tumblr, where he'll field questions about his initiatives and face a barrage of criticism. In part, this action comes from a place of desperation a harbinger that Senator Elizabeth Warren's student loan refinance bill won't come to fruition in the senate. Plus, Obama's change will have a limited effect: only 11% of borrowers use income-based repayment platforms.

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