Poll: Obama's Student Loan Plan

The Associated Press reports total outstanding student debt in the country has passed $1 trillion, according to the Boston Globe article: "A guide to Obama's student loan plan."

Recognizing student loan debt has exceeded the country's credit card debt, President Barack Obama on Wednesday announced a plan to aid cash-strapped students in this difficult economy by providing student loan relief.

The plan, according to the Associated Press, will "lower the maximum required payment on student loans from 15 percent of discretionary income annually to 10 percent for eligible borrowers." The plan is expected to go into effect next year rather than 2014, which was the original target year. The AP says remaining debt would be forgiven after 20 years, according to the plan, instead of 25.

However, only 1.6 million of the country's borrowers could be affected, according to the AP, raising concern that fine print details will keep many borrowers from becoming eligible for much needed relief. The AP says the program will save some borrowers "several hundred dollars a month in payments."

To read the entire article, click here.

So Medfield, we want to know ...

Today's question: What do you think of Obama's student loan relief plan?