The last week of October has brought with it good news for current college students nationwide, and a happy bonus for Indiana University students.

IU President Michael McRobbie announced that beginning next summer, IU students will have their summer tuition reduced by 25%. This is a significant decrease and even one three-credit course will cost nearly $200 less than the standard tuition rate. An IU press release stated that for student taking “a full academic course load in the summer, the tuition reductions will result in a savings [of] more than $700 at IU’s regional campuses.” For IUK students, that’s the equivalent of a free three-credit class. This not only makes college more affordable, but offers students the chance to take more classes at once, which could translate to earlier graduation for some students.

Because of this, IU campuses could see an increase in summer enrollment rates as students opt to take summer classes at the reduced rate instead of taking many of those same classes during the spring and fall semesters for full price tuition.

Following on the heels of IU’s announcement was the national news that President Obama made some much needed significant changes to student loan repayment policies. This new plan, called “Pay As You Earn,” was moved from an original January 2014 effective date to January 2012, just two months from now.

Up to now, debtors with student loans had to pay 15% of their discretionary income every month for up to 25 years. After 25 years, the remaining debt is forgiven, but the debtor has by this time paid more than double his or her original loan amount. Now, payments will only be 10% of discretionary income, and the remaining debt will be forgiven after 20 years, which is 60 payments less than the current loan length. This change will not be of much help to students who have already graduated, but new loans taken out beginning in January will be covered under this new law.

The most notable and serious downfall to this new plan is that past graduates will not benefit. Current college students do not truly understand the impact of borrowing tens of thousands of dollars to pay for school, but for those who have already graduated, the impact is very real. Past graduates are currently feeling the heaviest impacts of owing so much money, yet they are not the ones receiving help.

For the first time in the history of the U.S.A., student loan debt has surpassed credit card debt, at over $1 trillion. College tuition rates have increased more than 300% in the last 30 years, but income and job availability has not been able to keep up. This is truly a significant milestone, but it’s not a good one, and it has been marked by the recent Occupy movements that began in mid-September. People are struggling in an unstable economy, and sky-high student loan bills make everyday life even more difficult for the millions of graduates with student loan debt. While the new plan does not cover all college graduates past and future, it is stills a step in the right direction.

Tiffani Bonifant