Obama college loan plan aims at an old voting bloc

Obama will use his executive authority to provide student loan relief in two ways.

Seeking to shore up support among cash-strapped college graduates and students struggling with rising tuition costs, President Barack Obama is outlining a plan to allow millions of student loan recipients to lower their payments and consolidate their loans.

Outside of mortgages, student loans are the No. 1 source of household debt. Young voters were an important bloc in Obama’s 2008 campaign, and student loan debt is a common concern among Occupy Wall Street protesters.

Obama’s announcement, made Oct. 26 in Denver, came the same day a new report was released by the College Board. It shows average in-state tuition and fees at four-year public colleges rose $631 this fall, or 8.3 percent, compared with a year ago.…Read More