President Obama proposing relief measures to student loan borrowers

Student loans have become one of the biggest financial bubbles that look to burst in the coming years, so President Obama has begun to lay the groundwork to ease the financial burden on college students. According to the Chicago Tribune, the President plans to cap student loan payments at 10 percent of income in 2012, instead of 2014.

"Steps like these won't take the place of the bold action we need from Congress to boost our economy and create jobs, but they will make a difference," Obama said in a statement.

This new payment restriction will help millions of students who are buried under mountains of debt to pay off their loans at an adjusted rate. Additionally, the President will also change the student loan debt forgiveness limit from 25 years to 20 years.

These steps are great news for prospective and current students alike, and it sheds light on the importance of seeking outside funding when investing in higher education. College scholarships and grants are just two of the many funds that can help students dramatically reduce their costs and hit the ground running when they receive their degree.  

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