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Obama moves to ease student loan burdens, urges Congress to act

Obama speaks before he signs a presidential memorandum on reducing burden of student loan debt in White House in WashingtonBy Mark Felsenthal WASHINGTON (Reuters) – President Barack Obama on Monday signed an executive order making it easier for up to 5 million people to pay off college tuition debt, and scolded congressional Republicans for opposing legislation that would lower student-loan borrowing costs. The action, which does not take effect until December 2015, will allow more people to limit repayments of federal student loans to 10 percent of their monthly incomes. The administration will also try to lower student costs by renegotiating government contracts with companies like Sallie Mae that service student loans, he said. Senate Democrats have proposed legislation that would allow millions of Americans to refinance both federal and private undergraduate student loans at lower interest rates.


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