(Washington, DC) -- President Obama is making moves to reduce student loan debts. In a White House event, Obama signed an executive order expanding a federal program that helps college grads reduce their monthly loan payments. The "Pay As You Earn" program allows borrowers to pay no more than ten-percent of their incomes each month. Obama said the executive action will help about five-million additional college grads. He also accused many congressional Republicans of favoring tax loopholes for the wealthy over helping young adults with heavy student debt loads.
Obama called on Congress to pass a Senate Democratic bill allowing millions of borrowers to refinance their student loans at lower interest rates. In earlier remarks, Education Secretary Arne Duncan said 25-million borrowers could see reductions of about two-thousand dollars over the life of their loans.