in debt

Obama Extends Student Loan Plan

Good news, broke fans of higher education. On Monday, President Obama signed an executive order that will allow some five million additional borrowers to put a ceiling on their monthly student loan plans. The announcement is an extension of Obama's income-based "Pay As You Earn" plan and caps repayments at 10 percent of their income and will forgive unpaid debt after 20 years. It will go into place in December 2015. “I’m only here because this country gave me a chance at higher education,” Obama said. “This is why I feel so strongly about this.”