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Barack and Michelle Obama understand the heavy burden of student loan debt. The Obamas did not pay off their student loans until Obama’s best-selling books earned them millions of dollars.
With the cost of a college education {{U}} (47) {{/U}}, more than 60% of students take out loans to fund their undergraduate education. On average, students who borrow graduate with debts of 22,700--a {{U}} (48) {{/U}} of more than 18% from 2000. But some of those with a newly acquired bachelor’s degree are restrained with debts of 40,000 or more. You think this economy’s tough Try finding a job with the {{U}} (49) {{/U}} of repaying tens of thousands of dollars in debt.
Now, a new federal program--Income-Based Repayment--is making it {{U}} (50) {{/U}} to pay back these loans. If a student chooses to repay her or his loan with this plan, payments are then readjusted--based on their income to something they can {{U}