Wednesday, October 26, 2011
President Barack Obama announced a plan to let Americans consolidate and reduce interest rates on their student loans.
The new rules that take effect next year include provisions will allow students to roll different loans into one federally-backed package with a lower interest rate; Obama said up to 1.6 million students could see debt payments go down by hundreds of dollars a month as they pursue college educations.
"It's never been more important, but, let's face it, it's never been more expensive," Obama said. "Our economy needs it right now and your future can use a boost right now."
As he has on other items this week, Obama said he is issuing executive orders because congressional Republicans are blocking his proposed $447 billion jobs plan.
"We can't wait for Congress to do its job," Obama said. "Where they won't act, we will."
The speech wrapped up Obama's three day swing through the West, as he spoke at campaign fundraisers and issued a flurry of new executive orders while bashing Congress.
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