(ABC / Worthy News)– President Obama today moved to close a "loophole" in regulations aimed at easing the burden of repaying federal student loans.
Obama signed a presidential memorandum ordering the Education Department to extend monthly repayment "caps" to nearly 5 million student borrowers by December 2015.
Today, 71 percent of those earning a bachelor's degree graduate with debt, which averages $29,400, according to the White House. Total student debt in the U.S. topped $1 trillion last year.
The executive action today means some students with outstanding loans initiated before October 2007, and who meet income requirements, could be allowed to cap their payments at 10 percent of their income.