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.
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