President Barack Obama was expected to announce today the expansion of a student loan program that allows borrowers to pay no more than 10% of their monthly income on loan payments. The expansion of the "Pay As You Earn" program will be extended to borrowers who took out loans before October 2007. The president is also directing student loan servicers to make it easier for borrowers to avoid defaulting on their loans and is calling on Congress to pass measures to reform the student loan system.

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