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If you just graduated with tens of thousands of dollars of debt, you might be questioning the value of your diploma right now. We don’t blame you.

But don’t despair – your voice has been heard in Washington! Yesterday the White House announced a new executive order (straight from the President’s desk) to make college more affordable for everyone. To dig into the nitty-gritty details for a second, the executive order extends a 2010 law that creates a 10% cap on monthly student loan payments to cover an additional 5 million people who were previously ineligible. Take our word, this is a big deal.

Why is this important?

The average student in the class of 2014 is estimated to be graduating with some $33,000 in debt, adding to a collective $1.2 trillion in student loans nationwide. It is fast becoming the rule, rather than the exception, that young people must start their careers under the burden of excessive loans.

Despite these financial handicaps, Millennials remain optimistic about the future. Pew calls us “the nation’s most stubborn economic optimists.”. Sounds about right if you ask us.

For obvious reasons, student debt is an issue that young people care passionately about— in 2012, President Obama struck a chord when he campaigned on the promise to make college more affordable. Young people held him to his word and showed up by the millions on Election Day to send a strong message to the White House that we would be watching.

How Will This Impact You?

The President’s initiative will match students’ repayment commitments to their economic capacity. This frees up income for Millennials to relocate for better jobs, put money into savings, invest, put money down on a house… you get the idea.

What’s more, the law now covers millions of Americans who were previously ineligible. So if you got loans before October 2007 or stopped borrowing by October 2011, you can also qualify for the 10 percent monthly cap. 

It’s true that student debt is one of the most pressing issues of our generation. In a national bi-partisan survey, 73% of young adults aged 18-34 said that graduates have more student debt than they can manage. This pile of debt puts a crushing burden on students and hurts the economy. But the President’s actions will provide more flexible repayment options for more people, which will help pull young adults out of debt and benefit the economy as a whole.

This is a huge win for young Americans all over the country! President Obama’s actions prove that our leaders will respond when we raise our voices and demand change. It is up to us to speak out and demand the future that we want to see.