WASHINGTON – President Barack Obama is taking steps to ease the burden of student loans, the White House said on Tuesday, potentially helping millions of cash-strapped college graduates in a tough economy.

President Obama plans to accelerate a plan to cap student loan payments at 10 percent of income, bringing it forward to start in 2012 instead of 2014.

“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,” he said in a statement.

The loans initiative will be the third such move by President Obama in as many days, following action to aid homeowners and boost hiring of military veterans. The White House wants to show he is an activist president battling a “do-nothing” Congress. The loan changes do not require approval by Congress.

Republican lawmakers blocked a $447 billion jobs plan put forward by President Obama last month because it raises some taxes.

The White House estimates the loan changes could cut monthly payments for 1.6 million graduates. Student debt will also be forgiven after 20 years, compared with 25 years under current law.

More than 36 million Americans have federal student loan debt, but only 450,000 have so far taken advantage of the existing income-based repayment program.