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Obama to extend student loan payment relief
WASHINGTON (AP) -- President Barack Obama is looking to relieve the burden of student loan debt.
He signed a presidential memo expanding a program that lets borrowers pay no more than 10 percent of their income every month Monday. And he threw his support behind more sweeping Senate legislation targeting the issue.
The president was flanked by student loan borrowers at the White House. He said the rising costs of college have left America's middle class feeling trapped.
He put his pen to a memorandum that he said could help an additional 5 million borrowers lower their monthly payments.
An existing repayment plan Obama announced in 2010 lets borrowers pay no more than 10 percent of their monthly income in payments, but it's available only for those who started borrowing after October 2007.
Obama's memo expands that program by making opening it to those who borrowed anytime in the past.