White House promises to help students manage loan debt

Published: Mar. 10, 2015 at 9:41 PM CDT|Updated: Sep. 8, 2015 at 5:41 PM CDT
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LUBBOCK, TX (KCBD) - A big change announced by the White House on Tuesday will affect graduating college students across the country.

President Obama signed a memorandum that could potentially make education more affordable for college grads.

Texas is second in the nation for the most student loan debt.

Weston Davidson, a senior at Texas Tech, is typical of students concerned about the debt they're piling up.

Davidson hopes this memorandum will make life a little easier.

"Graduating with $80 grand in student loans, that's definitely something to worry about," Davidson said.

Graduating with a major in chemistry, he hopes that he is able to quickly find a position in pharmaceutical sales, but knows he may have to travel back home to Dallas to get it.

"I'll be able to live at home for a little bit to save money to pay off some loans," Davidson said.

So, what does this memorandum mean for students?

The document outlines a state-of-the-art complaint and feedback system, helping borrowers repay their loans and avoid default, promising fair treatment for struggling and distressed borrowers.

Senior Texas Tech student, Joseph Lai, said he believes his accounting degree will help him land a job.

"I think I'll be able to get a decent job. I don't have too much in student loans, so I think I'll be all right," Lai said.

Texas has almost $82 billion in student loan debt, following California, which is number one, with more than $112 billion. New York is number three with more than $77 billion dollars.

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