President Obama continued his executive order tour Tuesday by outlining plans to help ease the debt burden of college students.

"In a global economy, putting a college education within reach for every American has never been more important, but it's also never been more expensive," Obama said in a statement released Tuesday, a day before he'll deliver a speech on the topic in Denver.

"That's why today we're taking steps to help nearly 1.6 million Americans lower their monthly student loan payments," Obama said.

The student loan orders are the latest in a campaign Obama aides call "We Can't Wait," stressing executive action as the president's $447 billion jobs bill is held up in Congress.

Also this week, Obama has authorized executive orders designed to help veterans find jobs and make it easier for struggling homeowners to refinance mortgages.

"Steps like these won't take the place of the bold action we need from Congress to boost our economy and create jobs, but they will make a difference," Obama said. "And until Congress does act, I will continue to do everything in my power to act on behalf of the American people."

Education Secretary Arne Duncan said, "College graduates are entering one of the toughest job markets in recent memory, and we have a way to help them save money by consolidating their debt and capping their loan payments. And we can do it at no cost to the taxpayer."

The White House describes the changes: