If Obama pulls this off, I am sure 2020 will see an influx in the birth of baby boys named Barack AND he will 100% be canonized upon his death. Because I will singlehandedly make sure of both of these. Because I will love him THAT much. He will become a religion.
President Barack Hussein Obama (full name is needed here because he’s that awesome) has announced his plans to enact legislation that will extend student loan aid to the millions of Americans previously ineligible for this lenience. Borrowers who took out loans before October 2007 or stopped borrowing before October 2011, will now enjoy the breath of fresh air of a 2010 law that caps monthly loan payments at 10% of your monthly income.
Coming from someone (me) who cries each month when she has to pay over 30% of her monthly checks for loans for a degree that did nothing but teach me exactly how much alcohol I can tolerate, I cannot WAIT until December 2015 when this law comes into effect.
The White House has also announced its support for a Senate bill that can help 25 million Americans refinance their federal and private student loans with lower interest rates. With average rates rising to almost look like those of loan sharks and credit cards, this is BEYOND needed as education should NEVER be this expensive. Alas, do not hold our breath just yet as it is unclear if this will garner enough Republican support.
Currently, 37 million Americans owe over $1 trillion in federal and private student loans. I think half of that is mine alone.