(Pool / Getty Images News)
This past Monday, President Obama announced a new plan to help students and college grads with their student loan debts. The program aims to lower monthly payments by capping them at 10% of an individual’s monthly income. Individuals who took out loans before October 2007 will qualify for the program, meaning roughly 5 million people can take advantage of this new initiative.
According to federal data, nearly 40 million people in the United States are carrying some form of student loan debt, with African-American students carrying the most. Black women, who have the highest rates of college enrolment, are likely shouldering the most debt.
(Infographic via Colorlines.)