New Student Loan Plan Signed by President Obama
A memorandum about student loans was signed last week by President Obama on June 9,2014.
The new student loan regulations are intended to make the loan repayment process easier for borrowers. After graduation, many students who rely on loans for college find it difficult to do things like buy a home, support a family, or start a business.
The biggest change proposed by the plan was that it would allow about 5 million student loan borrowers to cap their monthly payments to 10 percent of their income.
The changed regulations on student loans are meant to take effect by December 2015.
