President Barack Obama on Monday signed an executive order making it easier for up to 5 million people to pay off college tuition debt. The action, which will not take effect until December 2015, will allow more people to limit repayments of federal student loans to 10 percent of their monthly incomes. The administration will also try to lower student costs by renegotiating government contracts with companies like Sallie Mae that service student loans, he said.
The president said Congress should also take steps to ease debt burdens on students, 71 percent of whom earn bachelor's degrees with debt, which averages $29,400.