President Barack Obama announces a new executive order which will cap student loan repayments at 10 percent of the debtor's annual income and will forgive loans over twenty years old. Obama acknowledges that it has never been more important to get a college education, but that is has also never been more expensive. He says that his plan will allow students to consolidate federally backed loans and predicts that 1.6 million people will see relief. Obama also challenges Congress to pass the American Jobs Act which is designed to put people to work on infrastructure projects across the country.
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