CNS News
Since President Barack Obama took office in January 2009, the cumulative outstanding balance on federal direct student loans has jumped 517.4 percent.
The balance owed as of the end of May was $739,641,000,000.00. That is an increase of $619,838,000,000.00 from the balance that was owed as of the end of January 2009, when it was $119,803,000,000.00, according to the Monthly Treasury Statement.
Earlier this month, Obama announced new executive actions to allow five million student-loan borrowers to cap their monthly payments at 10% of their income, according to the White House.
“Now, I’ve made it clear that I want to work with Congress on this issue. Unfortunately, a generation of young people can’t afford to wait for Congress to get going,” Obama said. “In this year of action, wherever I’ve seen ways I can act on my own to expand opportunity to more Americans, I have. And today, I’m going to take three actions to help more young people pay off their student loan debt.”
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Since President Barack Obama took office in January 2009, the cumulative outstanding balance on federal direct student loans has jumped 517.4 percent.
The balance owed as of the end of May was $739,641,000,000.00. That is an increase of $619,838,000,000.00 from the balance that was owed as of the end of January 2009, when it was $119,803,000,000.00, according to the Monthly Treasury Statement.
Earlier this month, Obama announced new executive actions to allow five million student-loan borrowers to cap their monthly payments at 10% of their income, according to the White House.
“Now, I’ve made it clear that I want to work with Congress on this issue. Unfortunately, a generation of young people can’t afford to wait for Congress to get going,” Obama said. “In this year of action, wherever I’ve seen ways I can act on my own to expand opportunity to more Americans, I have. And today, I’m going to take three actions to help more young people pay off their student loan debt.”
Read more
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