Obama highlighting student loan repayment option

By: Associated Press Email
By: Associated Press Email
President Barack Obama is taking steps to help thousands of Americans better manage their federal student loan debt.

U.S. President Barack Obama announces the withdrawal of U.S. troops from Iraq in the briefing room of the White House in Washington October 21, 2011. Obama on Friday said the United States will fulfill its promise by pulling troops out of Iraq by year-end. REUTERS/Joshua Roberts

President Barack Obama is taking steps to help thousands of Americans better manage their federal student loan debt.

Details of Obama's plan were announced by the White House on Wednesday and include streamlining the application process for those who want to enroll in income-based repayment plans.

The repayment plans were first authorized in 2007 and set a cap on student loan payments based on income. An estimated 700,000 people are currently participating, but officials believe many more qualify.

The administration also plans to create new online and mobile resources that will provide information about federal student aid.

The interest rate on new federal student loans is scheduled to double July 1. Congress is battling over whether and how to avert that increase.

(COPYRIGHT 2011 BY THE ASSOCIATED PRESS. ALL RIGHTS RESERVED.)


KKCO firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKCO 11News.

powered by Disqus
KKCO NBC 11 News 2531 Blichmann Avenue Grand Junction, CO 81505 Station Phone: 970.243.1111 Business Fax: 970.243.1770 Newsroom Fax: 970.245.3793 News Tip & Contest Line: 970.255.8477
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 157601885 - nbc11news.com/a?a=157601885