POSTED: Wednesday, October 26, 2011 - 4:55pm
UPDATED: Friday, October 28, 2011 - 2:50pm
EL PASO - President Barack Obama is rolling out another plan to help Americans struggling with debt. This time, it's assistance for people with crushing student loan payments. Although, critics say it's just another trick to get elected.
"When a big chunk of every paycheck goes towards student loans instead of being spent on other things, it's not just tough for middle class families, it's painful for the economy," President Obama said.
From consolidating certain student loans to reducing loan payments to 10 percent of monthly income after bills, President Obama's plan has local students excited.
"It should help our economy in terms of jobs, economy and money being spent," Mark Anthony Hernandez said.
Today's students won't feel the effects of the President's new plan until they graduate, but they're watching what's happening closely because their school debt is racking up fast.
"I have about $21,000.00 in student loans right now," Hernandez said.
"Financial aid doesn't cover graduate school, so I will probably have to take out student loans," Maria Esquinca said.
Critics of President Obama say this is just another ploy to get college students to vote for him. So what do college students think?
"College students actually don't tend to vote as much, but I think it will appeal to them," Esquinca said.
"I wouldn't say that's the only reason I would vote for him, because there's other issues we need to deal with," Hernandez said.
"It doesn't matter if he's tricking us or not, the thing is he's doing it. Even from the beginning of his campaign, he had been promising to help the college students," Gesus Garcia said.
Ploy or not, they're okay with the plan because they go to school to get a high paying job...
"...but then your wage ends up going to trying to pay back your debt. So then what do you end up making," Esquinca said.
"Times are difficult right now, and anything that can help us out is really positive for us," Hernandez said.
Part of the President's plan was scheduled to go into effect in a few years. He's rushing that to boost the economy, and he plans on signing an Executive Order to bypass Congress and put it into effect next year.