President Obama Sets New Rules For Student Loan Payments (VIDEO)

Source: David Jackson / USA Today

President Obama announced new rules for the repayment of student loans today, telling a group of students in Denver that higher education is essential to competing in the global economy.

“We want you in school,” Obama said. “But we shouldn’t saddle you with debt when starting off.”

The new rules that take effect next year include provisions will allow students to roll different loans into one federally-backed package with a lower interest rate; Obama said up to 1.6 million students could see debt payments go down by hundreds of dollars a month as they pursue college educations.

“It’s never been more important, but, let’s face it, it’s never been more expensive,” Obama said. “Our economy needs it right now and your future can use a boost right now.”

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