Grad Students Could Win Big as Obama Slashes Debt Payments

Erika Diane Casorso yells with delight after having her name called during the Spring 2012 graduation for Metropolitan State College of Denver today May 13, 2012. Photograph By Helen H. Richardson/The Denver Post via Getty Images

Update – 2:45 p.m.: The official White House fact sheet is out and doesn’t provide many more details than the early reports cited in this story.

President Obama is set to address growing concerns over student debt and, according to multiple news organizations’ reports, he’s about to roll out a plan to help borrowers lower their monthly payments. The effort would see Obama use his executive authority to make more people eligible for an existing program that caps student loan bills at 10 percent of an individual’s monthly discretionary income. If those details hold true, the changes could be helpful to millions of borrowers—but far more for some than others.

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