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Tue 10 Jun 2014 01:01 PM

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Obama moves to ease student loans burden

US President Barack Obama signed a memorandum on reducing the burden of student loans, making it easier for up to five million people to pay off college tuition debt. The action, which does not take effect until December 2015, will allow more people to limit repayments of federal student loans to 10 percent of their monthly incomes.

Obama moves to ease student loans burden
US President Barack Obama signs a memorandum on reducing the burden of student loans on June 9, 2014 in the East Room of the White House in Washington, DC. (AFP/Getty Images)
Obama moves to ease student loans burden
The presidential memorandum that was signed by U.S. President Barack Obama is seen during an East Room event at the White House June 9, 2014 in Washington, DC. President Obama signed the memorandum on 'reducing the burden of student loan debt.' (Getty Images)
Obama moves to ease student loans burden
U.S. Sen. Elizabeth Warren (D-MA) talks to other lawmakers during an East Room event at the White House June 9, 2014 in Washington, DC. President Obama signed a presidential memorandum on 'reducing the burden of student loan debt.' (Getty Images)
Obama moves to ease student loans burden
US President Barack Obama applauds a speaker after his introduction before signing a memorandum on reducing the burden of student loans on June 9, 2014 in the East Room of the White House in Washington, DC. (AFP/Getty Images)
Obama moves to ease student loans burden
US President Barack Obama speaks before signing a memorandum on reducing the burden of student loans on June 9, 2014 in the East Room of the White House in Washington, DC. (AFP/Getty Images)
Obama moves to ease student loans burden
US President Barack Obama speaks before signing a memorandum on reducing the burden of student loans on June 9, 2014 in the East Room of the White House in Washington, DC. (AFP/Getty Images)
Obama moves to ease student loans burden
US President Barack Obama speaks before signing a memorandum on reducing the burden of student loans on June 9, 2014 in the East Room of the White House in Washington, DC. (AFP/Getty Images)