Obama Unveils Student-Loan Relief

    DENVER, CO - OCTOBER 26:  U.S. President Barack Obama speaks at the University of Colorado Denver campus October 26, 2011 in Denver, Colorado. The President launched a new plan to lower the cost of paying back student loans. The plan, to be implemented by executive order, will allow former university students to cap their loan payments at 10 percent of their discretionary income starting in 2012. It would also forgive the balance of student loans after 20 years of payments.  (Photo by John Moore/Getty Images)

    John Moore / Getty Images

    President Obama announced Wednesday in Denver that he will seek to accelerate a plan already passed by Congress, capping maximum repayment of student loans at 10 percent of discretionary income as of 2012. Remaining debt will be forgiven after 20 years, instead of 25. The administration will also let borrowers with outstanding loans from two federal programs consolidate their debt into a single loan. Meanwhile, the College Board released new figures showing that average in-state tuition at public colleges rose 8.3 percent, putting the cost of a full credit load at more than $8,000, an all-time high.

    Read it at The Washington Post