President Obama just took two serious steps to make life a lot easier for folks with student loans -- and there's a good chance you or someone you know will benefit from these changes very soon.
-- Effective this January, if you're someone who has different kinds of loans -- guaranteed and direct -- you'll be able to roll them both into one direct loan and bring down your interest rate. You'll only have to write one check a month, and you'll see a discount. This switch adds no cost to taxpayers across the board.
-- You might remember that, as part of last year's student loan reform, borrowers' loan payments could be no higher than 10 percent of their disposable income. This is a big deal -- but it wasn't going to help anyone enrolling before 2014. Today, the President announced that he's speeding up this program so it will affect students next year -- helping over 1 million students.
This will have huge consequences for people struggling to make their student loan payments.
Sometimes, it can be hard to see how policy changes will actually affect your day-to-day life.
Not the case with this one. These changes will make a real difference in helping millions of Americans get by month to month.