Obama Unveils Student-Loan Relief

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.