President Barack Obama's student loans deal will be announced in Denver on Wednesday, Business Day reports. The plan will not require any action from congress, and will be announced in tandem with a new plan to make it easier for homeowners to refinance their mortgage.

The announcements are being made as part of a tour through swing states, especially states with large Hispanic populations, Business Day said. As the race for the Republican nomination continues, Obama has in recent months made multiple campaign type tours to promote his jobs package and other measures.

The only way we can truly attack our economic challenges is with bold, bipartisan action in Congress, said Dan Pfeiffer, Mr. Obama's communications director, to the New York Times. The president will continue to pressure Congressional Republicans to put country before party and pass the American Jobs Act, but he believes we cannot wait, so he will act where they won't.

Obama isn't the only person running for President in 2012 to make a recent splash regarding student loans, though.

Congressman Ron Paul has his own plan for student loans: eliminate them completely.

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