Poll: Do You Agree with Obama's Student Loan Plan?

Recalling his own struggles with repaying exhorbident student loans after college, President Obama on Wednesday unveiled a plan that could give millions of students and graduates some relief on their payments. 

As reported by the Huffington Post, Obama, speaking at the University of Colorado Denver, said it's never been more important to get a college education -- but it's also never been more expensive. He said his plan will help not just individuals, but the nation, because graduates will have more money to spend on things like buying homes.

Amidst cheers from the students in attendance, Obama outlined his plan to overhaul the repayment schedules for educational loans. Among the highlights:

• Lowering the maximum payment to 10 percent of one's discretionary income, rather than the current 15 percent
• Providing loan forgiveness after 20 years, rather than the current 25
• Consolidating Federal Family Education Loan Program and direct federal loans under a lower interest rate 
• Starting the standards next year rather than in 2014, as originally planned

The new rules wouldn't apply to everyone with an outstanding student loan, however. Recent graduates and current students stand to gain the most.  

(Read more about the plan at www.whitehouse.gov.)

Obama announced his plan on the same day news reports showed college tuition costs on the rise. Public universities' tuition and fees increased an average of 8.3 percent nationwide over last year. 

What do you think?  Does the president's plan go too far?  Not far enough? 

Vote in our poll and share your thoughts in the comments.