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Obama Promises College Loan Relief with Executive Action

Saying that “no young person should be priced out of higher education,” President Barack Obama signed new executive actions Monday that offer relief to student loan borrowers.

"We know - all of you know - that in a 21st century economy, a higher education is the single best investment that you can make in yourselves and your future," Obama said at a White House event with lawmakers and students.

Obama’s plan would allow those who borrowed federal direct loans to cap their payments at 10 percent of their monthly income. The measure is an expansion of a 2010 law.

Students Loans Gave Me a Chance, says Obama 1:23

Secretary of Education Arne Duncan told reporters earlier Monday that the cost of the program has not yet been determined.

Obama also called on Congress to pass more dramatic legislation that would allow refinancing of college loans.

“This should be a no-brainer,” Obama said, slamming Republicans in Congress for opposing the bill, which is slated for consideration this week.

"If you're a big oil company, they'll go to bat for you," he said of Republicans. "If you are a student, good luck."