Obama to Sign Order to Ease Student Loan PaymentsSubmitted by Diamond Dog on Mon, 06/09/2014 - 14:49
By Phil Mattingly - Jun 8, 2014 - Bloomberg
U.S. President Barack Obama will move tomorrow to ease monthly payments for people with student loans, according to a White House official.
Obama, in executive action coordinated with a legislative push by Senate Democrats, will direct the Department of Education to expand the number of people who can take advantage of a law capping payments on federal direct loans to no more than 10 percent of their monthly incomes.
“I’ve heard from too many young people who are frustrated that they’ve done everything they were supposed to do -- and now they’re paying the price,” Obama said yesterday in his weekly address.
The action marks the latest effort by Obama’s administration to advance policies by executive action after being stymied on Capitol Hill. With the help of several cabinet heads, the president has spent much of this year initiating modest changes in programs that may provide a boost to Democrats in advance of the midterm elections.