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Obama's Student Loan Plan To Ease Debt As College Costs Rise

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With college tuitions at an all-time high and young Occupy Wall Street protesters rallying against excessive student loan debt, paying for college is the topic on everyone's mind.

Obama unveiled a new plan yesterday that could bring relief to the millions of Americans struggling to pay off their student loans. The new plan would aid the 5.8 million people in the US who have two types of student loans: both direct government loans and government-backed private loans. Essentially, their loans would be consolidated into one government loan with lower interest rates.

The student loan plan targets Obama's younger supporters -- a key part of his political base that helped him win the election in 2008. With the 2012 presidential elections approaching, Obama's new plan could help him regain the support of young voters.

But many young people are still having a hard time feeling optimistic about the government's plan to ease student loan debt. Sure, you may be putting more money into alleviating loan debt, but you're also putting more and more money into paying for college in the first place. On the same day as Obama's announcement, the College Board reported that average in-state tuition and fees at four-year public colleges rose 8.3 percent this year -- that adds up to an extra $631. And the cost of a full credit load is at a record high of over $8,000.

What do you think -- are young voters supporting Obama less as their concern about the economy and rising college tuition costs grows? Are you worried about being able to pay for college? Sound off in the comments.
Quick Poll

Will cost affect your college choice?

Yes -- Cost is one of the main things I look at when considering a school. I'm not even applying to colleges that will leave me with too much debt.

Somewhat -- Tuition fees play a role in which schools I choose to apply to, but it's not the most important criteria for me.

Not really -- I'm applying to all my dream schools regardless of cost. If I get into my top choice, I'll go -- no matter how long it takes me to pay off the tuition.

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