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Under an income-based repayment
plan created by Congress, the maximum monthly payment is already set to
drop from 15 percent of income to 10 percent in July 2014. Obama's
executive action eliminates that waiting period so borrowers can take
advantage of lower payments sooner.
In
his weekly address, Obama noted that the Senate proposal, spearheaded
by Sen. Elizabeth Warren, D-Mass., would be paid for by doing away with
tax loopholes for millionaires. He said the choice facing lawmakers is
whether to "protect young people from crushing debt or protect tax
breaks for millionaires."
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