President Obama thinks you should leave college without a crushing loan burden. He's expanding a program that lets borrowers pay no more than 10 percent of their income every month in repayments, and backs more sweeping Senate legislation to let graduates with heavy debts refinance their loans at lower rates. "In America, no hard-working young person should be priced out of a higher education," Obama said at a White House event with students, echoing a radio address two days earlier (see video below).

The White House says that nearly three-quarters of bachelor's degree recipients leave college with debt, which averages $29,400. "While most students are able to repay their loans," an online fact sheet says, "many feel burdened by debt, especially as they seek to start a family, buy a home, launch a business." The president's new "Pay as You Earn" program change enlarges the 10-percent cap to cover federal loans made before October 2007, which the government says could reduce monthly obligations for an additional 5 million borrowers. Jobless grads might pay nothing until they’re hired. And after 20 years of payments, any remaining debt would be wiped clean for private sector employees. Those working for a government agency or nonprofit group get that break in 10 years. Eighty-six percent of outstanding school loans are federal.

The Senate this week is expected to debate its legislation, pushed by Sen. Elizabeth Warren, D-Mass. Republicans disagree with the Democrats' plan for how to pay for it. Republican leaders in Congress also say Obama's steps don't address the larger problem of high college costs. In any event, there’s no deny the huge shadow cast by U.S. student loan debt – now totaling $1.2 trillion.

President says: "This should be a no-brainer." – June 9 announcement at White House

Republican critic says: "This bill [from Sen. Warren] doesn't make college more affordable, reduce the amount of money students will have to borrow, or do anything about the lack of jobs grads face in the Obama economy." – Sen. Mitch McConnell, R-Ky.

Democratic senator says: "There are more than 40 million people currently dealing with student loan debt. When their interest rates are cut, many will save hundreds of dollars a month and many more will save thousands of dollars a month." – Elizabeth Warren, D-Mass., speaking about her bill