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June 09, 2014 AT 2:55 PM
Dubbing it a "no-brainer," President Barack Obama expanded a program Monday capping monthly student loan payments for 5 million more borrowers at an unknown cost to taxpayers. Obama also threw his support behind legislation that Democrats are using in an election year to paint Republicans as blocking relief for Americans inundated by student debt. With a group of student loan borrowers looking on, Obama put his pen to a presidential memorandum that will allow those who borrowed through the federal government before 2007 to pay no more than 10 percent of their income in monthly payments.