President Obama has outlined plans to try to help graduates cut their monthly costs by hundreds of dollars each month.Speaking at the Denver campus of the University of Colorado, Obama outlined his plans this week, which included a reduction in the minimum federal loan repayment amount to ten per cent of a graduate’s discretionary income each month. The timeline for this move, which has been planned for a while, has been brought forward to next year.The President also outlined a move that would relieve many past students of their debt earlier than expected. His plans involve wiping the slate clean on debts still owed by students after 20 years, down from the current 25 years.These decisions were taken in response to rising debt levels among students, who are also finding it increasingly difficult to find work after graduation. Obama said he was working independently of Congress on the changes. He explained, “We can't wait for congress to do its job. So where they won't act I will.”A recent survey by the College Board Advocacy & Policy Center found that a further 8.3 per cent has been added to the average cost of tuition fees for four-year courses this year.
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