Rep. Gary Peters Applauds President Obama's Plan to Help Americans Struggling with Student Loan Debt

Statement

Today President Obama announced that he will be issuing a series of executive orders to help Americans that are struggling to payback their student loans. Obama's plan will help about six million current students and borrowers with multiple loans consolidate at a lower rate. The Obama executive orders will also allow borrowers to reduce their monthly student loan payments to 10% of their discretionary income starting in 2014. To help those that need immediate assistance, Obama's executive orders will also help about 1.6 million students cap their loan payments at 10% starting next year and forgive the balance of their debt after 20 years of payments. Sadly, House Republicans have been unwilling to help Americans that can't meet their student loan payments, so President Obama has been forced to resort to executive orders to provide relief.

"President Obama presented a balanced, well thought out and realistic way to help those that are struggling to pay back their student loans during these tough economic times," said Congressman Gary Peters. "The Republicans are unwilling to help these families, so I applaud the President for taking the necessary steps to help those that need assistance. The best way to improve our economy and help pay down student loan debt is to get Americans back to work and that's why we need to pass the American Jobs Act immediately."

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