That, as well as a still jobs-stingy economy, are the main reasons that student debt has become such a tough burden for so many. But lowering tuition costs and creating millions of well-paying career jobs are not deeds that can be accomplished by executive order or through legislation.
So the president on Monday took a baby step to help borrowers, which is all that can be done by fiat. Obama extended a 2011 program for some student loan debtors, Pay as You Earn, which allows those student loan borrowers to limit payments to 10 percent of their income. Before Monday, Pay as You Earn was only available to those who had taken student loans after
However, none of Obama's action on Monday helps student loan debt holders who borrowed from the private sector. The president did endorse a bill from Sen.
Ultimately. the best remedy for lessening student loan debt is an improved economy that begins creating more jobs for graduates and others. Also, we need a serious national conversation over why tuition rates exceed the rate of inflation, thereby making it imperative for millions to turn to student loans.
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