Obama announces plan to help pay their college loans

Washington, Oct (EFE) .-

U.S. President Barack Obama announced a plan to ease the repayment of loans to pay college students to pursue their studies, they can refinance with a maximum of 10 percent of its income, and not 15 percent.
In a speech to students at the University of Colorado at Denver, the president promised to sign an executive order to advance to January 2012 start date of a law providing that measure, and is approved by Congress but their entry into force was in 2014.
The measure aims to soften a voluntary federal program, the Refinancing Plan Based on Income, created in 2007, which charges students 15 percent of their monthly income in addition to forgive the debt once after 25 years.
Reform plan that will reduce the period to 20 years, could benefit up to 1.6 million students in debt and reduce your payments up to $ 200 per month, according to the White House.
"As you will have the certainty that only a small portion of their income going to engage to pay their loans, they are more confident about buying a house or saving for retirement, and that will give our economy a boost at a time in desperate need, "Obama said to the students.
However, the program for which the president offered no relief is among the most requested: only 450,000 of the 36 million students to participate in that plan loan, according to the White House.
A second initiative announced today by Obama will offer university with more than one loan in a federal program the ability to "merge" their debts, thereby reducing their interest rates up half a percentage point.
"These changes will make a difference for millions of Americans," Obama said in the act. "We must do everything we can to put a college education accessible to all citizens."
The price of college has risen this year by 5.4 percent in public schools, with an average of $ 21,447 per year, and 4.3 in private, where a year of education costs $ 42,224, according to a report published today by the College Board study.
Among students who graduated in 2009, the average debt for four-year career was $ 24,000, according to figures from the Institute of College Access and Success.
The measures announced today by Obama are part of the campaign "We can not wait" ("We can not wait") ...