President Obama Calls for Student Loan Help


by WCCB Charlotte

 WASHINGTON, D.C. -- President Obama is pitching a new program to lower student loan payments.  A newly-signed presidential memorandum lets borrowers adjust fees to 10 percent of their monthly incomes.  The new pay structure applies to any past student loans.  President Obama also urged lawmakers to support Senate legislation to ease up on borrowers, and end tax loopholes for the very wealthy.

"It would be scandalous if we allowed those kinds of tax loopholes for the very, very fortunate to survive, while students are having trouble just getting started in their lives," said the President.

The proposed student loan bill would re-negotiate contracts with federal student loan services to ease up on borrowers. 

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