Obama expected to expand student loan debt relief program - CBS46 News

Obama expected to expand student loan debt relief program

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The program would cap monthly payments for certain federal student loans. (Source: POOL/CNN) The program would cap monthly payments for certain federal student loans. (Source: POOL/CNN)

(CNN) - President Obama is expected to announce a new plan to give borrowers some relief from crushing student loan debt.

A White House official says the president will expand the criteria for an alternative repayment program.

The program would cap monthly payments for certain federal student loans at 10 percent of a borrower's discretionary income, which would allow an additional 5 million borrowers to qualify.

Designed to help borrowers struggling under the weight of student loans, the alternative payment programs include forgiveness programs for on-time payments and public sector employees.

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