President Obama urges Congress to pass legislation allowing scho - WDRB 41 Louisville News

President Obama urges Congress to pass legislation allowing school loan refinance

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LOUISVILLE, Ky. (WDRB) - President Obama is urging Congress to pass legislation allowing college grads with heavy student loan debt to refinance those loans.

"This week Congress will vote on that bill and I want Americans to pay attention to see where their lawmakers' priorities lie: lower tax bill for millionaires or lower student loan bills for the middle class? This should be a no-brainer," President Obama said.

The Senate is expected to debate the measure next week.

Obama signed an executive order that lets borrowers cap their student loan payments at no more than 10 percent of their monthly income.

According to the White House, the average college graduate leaves school with nearly $30,000 dollars in school loans.

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