Obama’s day: Student loans
Updated 11:52 a.m. UTC June 19, 2014
The rising costs of student loans tops a busy Monday for President Obama.
The president is expected to announce a new executive order and support for congressional legislation designed to help student loan borrowers repay their growing debt.
The overall plan is designed to cap monthly payments for certain kinds of loans at 10% of a borrower’s income.
Republicans said a Senate Democratic plan doesn’t address the other part of the equation, college costs.
“This bill doesn’t make college more affordable, reduce the amount of money students will have to borrow, or do anything about the lack of jobs grads face in the Obama economy,” said Senate Minority Leader Mitch McConnell, R-Ky.
On Monday, Obama signs an executive order that expands a 2010 law allowing student borrowers to make re-payments of no more than 10% of their income. The law covers those who started borrowing after October of 2007; Obama’s order allows people who borrowed earlier than that to participate.
The order could affect up to 5 million federal direct student loan borrowers, the White House said.
Obama’s schedule for Monday also includes events on immigration, wildfires, and sports champions.
In the morning, Obama will meet with a group of nurses to discuss the prospects for a new immigration bill.
This afternoon, after the student loan event, Obama will hold a video teleconference with the governors of western states to discuss efforts to battle wildfires.
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Obama ends the day with a ceremony to honor the University of Connecticut men’s and women’s basketball teams, both of which won NCAA championships this year.