Relief coming to help with student loans

That trip to the mailbox will get a little easier for those still paying back student loans. Monday, the president will announce details on a plan to ease the stress of that debt.

President Obama is expected to take executive action to expand a program already in place. The White House says it will ease college loan debt for millions of Americans.

The President's primary action will be to expand on a 2010 law that capped borrowers' repayments at 10% of their monthly income. It's expected to offer relief to about five million people who got loans before October 2007.

The administration says student loan debt is crippling Americans' ability to buy homes, start businesses and spend to spur the economy. Recent reports show the cost of student debt in America right now totals about a trillion dollars.

About 59-percent of grads in Georgia are paying off student loans, with the average debt about $23,000 dollars.

You won't be able to take advantage of the president's plan right away. The White House says the relief won't be available until December 2015, because the education department needs time to put the new regulations in effect.


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