This is a good start to addressing a big problem…
And “extra credit” to the President for getting around the insensitive, obstructionist Republican Congress
The Obama administration today announced some actions it can take to bypass Republican obstruction and reduce the burden of student loans for millions of current students and recent graduates, at no new cost to taxpayers.
Currently, an income-based repayment program lets people with student debt reduce their loan payments to 15 percent of their discretionary income; after 25 years, remaining debt is forgiven. Last year, Congress passed a law reducing that 15 percent to 10 percent and forgiving remaining debt after 20 years. That was set to go into effect in 2014, but President Obama is using regulatory authority to make it take effect in 2012. The administration estimates that this could reduce payments for 1.6 million people.