President Obama unveiled his plan Wednesday to make college loans more affordable and easier to repay for millions of former students. A key part of the plan will allow college graduates to cap their federal student loan repayments at 10 percent of their discretionary income starting in January, two years before the cap was due to take effect under federal law. Obama outlined the plan during a speech at the University of Colorado in Denver.

President Barack Obama: “And when a big chunk of every paycheck goes toward student loans instead of being spent on other things, that’s not just tough for middle-class families, it’s painful for the economy, and it’s harmful to our recovery, because that money is not going to help businesses grow.”