By Kyle Balluck - 06/09/14 01:10 PM EDT
President Obama at a White House event on Monday will announce that he will move to ease college loan debt through executive actions, according to The New York Times.
Obama is scheduled to announce that he will expand on a 2010 law that capped borrowers’ repayments at 10 percent of their monthly income, the newspaper reported, adding that an estimated five million people could be helped.
Obama on Saturday signaled his support for a student loan reform measure proposed by Senate Democrats.
“The good news is that Senate Democrats are working on a bill that would help more young people save money,” Obama said. “Just like you can refinance your mortgage at a lower interest rate, this bill would let you refinance your student loans. And we’d pay for it by closing loopholes that allow some millionaires to pay a lower tax rate than the middle class,” he added.