President Obama looks to lift burden from student loan borrowers

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GRAND JUNCTION, Colo. President Barack Obama is calling for action to help the country's college graduates with a growing amount of debt.

"Here's the problem. at a time when higher education has never been more important, it's also never been more expensive," President Obama said.

President Obama signed a presidential memorandum Monday asking for the extension of existing student loan regulations limiting payments to 10% of annual income to include people with loans before 2007.

Current CMU students say loans are a burden they're nervous about facing after graduation.

"I know that as a teacher depending on the program you can get some of those loans forgiven," said Jenna Bochman, a CMU senior. "It's nice to know that those options are out there, so that I can pursue them and start thinking about that now and preparing while I'm in college."

The extension could affect five million student loan borrowers.

President Obama is also calling on Congress to pass legislation helping people with student loans refinance for lower interest rates.

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