Obama wants to expand 'pay as you earn' student loan program

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(Getty)
CHARLOTTE, N.C. —

The Wall Street Journal is reporting that President Barack Obama is expected to call for an expansion of the “pay-as-you-earn" student loan program Monday.

The program caps people’s monthly payments at 10 percent of their income and forgives their debt after 20 years of payments.

As of now, only people who took out loans after October of 2007 are eligible, but the new plan would allow anyone with a loan to apply.

CNN reports that 59 percent of college graduates in North Carolina graduate with debt -- with an average of almost $24,000 dollars.