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Obama signs order to cap student loan payments

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WASHINGTON — President Barack Obama on Monday signed an executive order that lets millions of college graduates cap their student loan payments at 10 percent of their income, a move he says will help “open the doors of opportunity for all.”

Under Monday’s order, the new cap would be available by December 2015. Administration officials said they won’t know how much it will cost until they have gone through the regulatory process.

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