bama's Student Loan Plan To Help - - - Well

It just doesn't seem like a whole hell of a lot to me but then again I'm not one who carrys any student debt. It's sick that this country makes people debtors of people for 20 years who have to borrow money for education. The leader of the free world can do better but we won't.

Obama's plan will accelerate a measure passed by Congress that reduces the maximum required payment on student loans from 15 percent of discretionary income annually to 10 percent. He will put it into effect in 2012, instead of 2014. In addition, the White House says the remaining debt would be forgiven after 20 years, instead of 25. About 1.6 million borrowers could be affected.He will also allow borrowers who have a loan from the Federal Family Education Loan Program and a direct loan from the government to consolidate them into one. The consolidated loan would carry an interest rate of up to a half percentage point less than before. This could affect 5.8 million borrowers.