President Obama announced a new student loan relief plan intended to help ease the financial hardship of student debt late last month which could benefit as many as 1.6 million low-income borrowers nationally.
Though experts are unsure how much the plan, called "Know Before You Owe," will have any effect, debt remains a pressing issue for students hoping a college degree will give them an advantage in a tough job market.
Starting in January, the "Know Before You Owe" plan will limit repayment of federal student loans to 10 percent of college graduates' discretionary incomes.
The new plan also means that — assuming borrowers adhere to their repayment schedules — all of graduates' remaining federal loan debt would be forgiven after 20 years. Under current law, loan debt is forgiven after 25 years.
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