President Barack Obama on Monday proposed two plans designed to ease the burden of student loan debt for potentially millions of Americans.

Obama signed an executive order to expand the Pay As You Earn repayment program that capped borrowers' repayments at 10% of their monthly income. The move extends such relief to an additional 5 million borrowers with older loans who currently are ineligible. Specifically, it will be available - starting in December 2015 - to those who received loans before October 2007 or stopped borrowing by October 2011.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.