BY KENDALL MOON

President Barack Obama will announce Monday his plan to help Americans pay off their student loans by expanding the “Pay As You Earn” program, which allows borrowers to pay no more than 10 percent of their monthly income in loan payment, according to the Associated Press.

The program is currently only available for students who began borrowing after October 2007 and continued borrowing after October 2011, but the program expansion would allow those who started borrowing earlier to participate, the AP reported.

Obama will also announce Monday his plans to direct the government to renegotiate contracts with federal student loan servicers in an attempt to make it easier for borrowers to avoid defaulting on their loans, according to the AP.