Beginning in January, the Department of Education will offer two new measures to help students out of debt. One of the measures is a loan repayment program based on income, and another would allow graduates to consolidate multiple federal loans and receive a small break on interest rates. President Barack Obama is expected to address the new measures when he appears Wednesday at the University of Colorado. White House domestic policy advisor Melody Barnes said the proposed solutions would create relief at no cost to the taxpayer.
With student loan debt outpacing credit card debt, and the unemployment rate for college graduates at an all-time high, the president is under pressure to address those concerns. Average student loan debt for the graduating class of 2009 was $24,000. Student debt has been one of the issues raised at the Occupy Wall Street demonstrations.
