Obama signs student loans relief memo - KSLA News 12 Shreveport, Louisiana News Weather & Sports

Obama signs student loans relief memo

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The White House wants to make student loans more affordable. (Source: POOL/CNN) The White House wants to make student loans more affordable. (Source: POOL/CNN)

WASHINGTON, DC (POOL/CNN) - The White House wants to ease the burden for those seeking a college degree.

President Obama says he will sign a new presidential memorandum directing the Secretary of Education to propose regulations that would allow millions of student loan borrowers the opportunity to cap their student loan payments at 10 percent of their income.

The president says it's tough for young men and women to afford college.

"Here's the problem, at a time when higher education has never been more important, it's also never been more expensive," Obama said. "Over the last three decades, the average tuition at a public university has more than tripled. At the same the typical family's has gone up just 16 percent."

According to the White House, most college graduates leave school with a debt of nearly $30,000.

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