President Obama signs student loans relief memo - KTIV News 4 Sioux City IA: News, Weather and Sports

President Obama signs student loans relief memo

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WASHINGTON (CNN) -

The White House wants to ease the burden for those seeking a college degree.

President Obama signed a new Presidential Memorandum directing the Secretary of Education to propose regulations that would allow millions of student loan borrowers the opportunity to cap their student loan payments at 10-percent of their income.

The President says it's tough for young men and women to afford college.

"Here's the problem, at a time when higher education has never been more important, it's also never been more expensive. Over the last three decades, the average tuition at a public university has more than tripled. At the same the typical family's has gone up just 16-percent," President Obama said.

According to the White House, most college graduates leave school with a debt of nearly $30,000.

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