Changes to student loans

TERRE HAUTE, Ind. (WTHI) - Are you battling to pay student loans, even years after you have graduated?

While most of you might answer "yes," the battle may become easier for future students.

President Barack Obama signed a new law Tuesday changing the way you pay student loans.

Indiana State University Larin Jones is $40,000 dollars in student loan debt.

He now works two jobs just to pay it off.

However, future students may not have to struggle like Jones does now.

The Education Reconciliation Act of 2010 signed by President Obama goes into affect June 30, 2010, although student loan repayment changes won't go into affect until July 1, 2010.

Those changes will allow you to cap your student loan payments at 10 percent of your current income.

It also states if you're still in debt after 20years your debt will be erased and if you go into public service work; like teaching, nursing or military, you're debt will be erased in 10 years.

A nice change Jones said will have a huge impact on future students.

"They will look at college differently, not as a debt,burden thing to them but more of thing that can help them rather than hinder them," Larin Jones said.

For more information on this Education Act click here.