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Readers and Facebook followers answer how they will be affected by the plan.
When President Obama announced a new plan to cap federal student loans at 10 percent with all remaining debt forgiven after 20 years, he said that these changes "will make a difference" for college graduates trying to meet payment deadlines in a tough economy.
GlobalPost was curious what those differences will be in the lives of our readers, so we posed a question to our readers and followers on Facebook. We asked, "How would Obama's student loans plan affect you?"
Below are some of the comments we received from readers about their views on Obama's announcement.
Nick Tripoli wrote:
This will be a huge financial help, allowing me to use my discretionary income for other things like housing, family, investing, etc. This is significant and I thank the Obama Admin. for this most beneficial assistance!
Sharon Norman wrote:
This wouldn't affect me at all since I have paid my student loans in full!
Ed Bolton wrote:
Hey, this makes me happy....I'm in my masters program already facing $40,000 in student loan debt...closer to probably $60-80K after I'm done with my masters. This would help me be able to look for a good accounting job in a less rushed timeline.
Leah Parry wrote:
I signed the dotted line and promised to repay them knowing how much they were, it is my responsibility to do so, no one else's.
Curtis McFeron wrote:
Bring it on, Mr. President. I'm soooooo close to graduating, too. If only organic chemistry wasn't such a monster.
Lisa Blakley wrote:
Ya it would help...but when I can barely pay my rent because I'm underemployed...doesn't really help right now
Katie Brown wrote:
Considering that I'm earning my Ph.D. currently, this would be really amazing. Yes, I had department funding that paid for my tuition, but grad assistants often have difficulties with other bills on a single income, so I took out loans in my MA program and one this year to help me move out of state for my PhD program.