President Obama at a White House event on Monday will move to ease college loan debt through executive actions, according to The New York Times.

Obama is scheduled to announce that he will expand on a 2010 law that capped borrowers’ repayments at 10 percent of their monthly income, the newspaper reported, adding that the move could help an estimated five million people.

Obama on Saturday signaled his support for a student loan reform measure proposed by Senate Democrats.

“…At a time when college has never been more important, it’s also never been more expensive,” Obama said in his weekly address, pointing to a bill proposed by Sen. Elizabeth WarrenElizabeth Ann WarrenOvernight Finance: Lawmakers grill Equifax chief over hack | Wells Fargo CEO defends bank's progress | Trump jokes Puerto Rico threw budget 'out of whack' | Mortgage tax fight tests industry clout Michelle Obama is exactly who the Democrats need to win big in 2020 Wells Fargo chief defends bank's progress in tense Senate hearing MORE (D-Mass.), that could come up for a vote as early as Wednesday, as a solution.

“The good news is that Senate Democrats are working on a bill that would help more young people save money,” Obama said. “Just like you can refinance your mortgage at a lower interest rate, this bill would let you refinance your student loans. And we’d pay for it by closing loopholes that allow some millionaires to pay a lower tax rate than the middle class,” he added.

“That’s the choice that your representatives in Congress will make in the coming weeks – protect young people from crushing debt, or protect tax breaks for millionaires.”

The bill allows graduates with existing federal loans to refinance those loans at the lower interest rates offered to new borrowers.

Republicans oppose the proposal, in part because it pays for an increase in government spending through a new tax on top earners.

--Alexandra Jaffe contributed to this report.