The Obama administration has recently unveiled a plan to make it easier and cheaper for students to repay their student loans. The current plan would cap loan repayments at 10 percent of discretionary income starting in 2014. President Obama has decided to start the cap in 2012. Officials estimate that by starting the plan in 2012 it will lower monthly payments for 1.6 million borrowers.
I personally love Obamas new play in trying to help students manage student loans once they graduate college, but the real problem in my opinion is the rising cost of education. Education is on a steady climb and it doesn't appear that its going to stop anytime soon. Lowering a students monthly payment is great, but school has gotten to the point that its soo expensive that a student could wind up paying back in which they got a sociology degree over the curse of their lifetime depending on what type of job they are able to find. The problem isnt just the monthly payment, its the rising cost of education. It will continue as long as students keep enrolling.
Chris
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