WASHINGTON (AP) — President Barack Obama is detailing a college loan plan that could help him shore up support among cash-strapped students and graduates.
The plan he was to announce Wednesday in Denver would allow millions of student loan recipients to lower their payments and consolidate their loans.
Young voters were an important bloc in Obama’s 2008 campaign, and Occupy Wall Street protesters have expressed concern about burdensome student loan debt.
Obama’s announcement comes the same day a new report is being released by the College Board. It shows average in-state tuition and fees at four-year public colleges have risen $631, or 8.3 percent, compared with a year ago.
Outside of mortgages, student loans are the No. 1 source of household debt.