Cheyenne, WY (KGWN)- These days, more people than ever are reaching for higher education, and those goals are coming at a cost.
“Here's the problem. At a time when higher education has never been more important. It's also never been more expensive," said President Obama.
Student loans rank near the top for debt burdens, more than auto loans and credit cards. And second only to home mortgages.
“This is something that should be really straight forward,” said President Obama.
Only having to pay back 10 percent each month may save a lot of people, yet it may also drag out payments if people begin to pay only 10 percent back.
"I think there is good and there is bad," said Linda Jording, and LCCC student."
"I can see how it can benefit a lot of people but at the same time it just make it to where people that are trying to pay off their student loans, it takes them a lot longer," said Cameron Olson, another LCCC student.
Which is why Larimie County Community College is working to provide students with other payment opportunities.
"We're trying to make it such that very few students may ever need to take out a loan at all," said Judy Hay, LCCC Vice President for Student Services.
Before, federal student loans taken out after 2007 would be forgiven after 20 years... but only if the borrower never misses a payment. The president's memorandum now extends that to borrowers who took out loans prior to 2007.
Still, LCCC believes education will play as big a role as the presidents new order.
"We just have to front end the education about financial literacy that our students need so that they are a little wiser about their borrowing," said Hay.