Friday, January 27, 2012

Obama Plan: More College Loans, Incentives to Keep Costs Down

Posted By on Fri, Jan 27, 2012 at 9:33 AM

President Barack Obama will outline a plan today that focuses on affordability of higher education.

The White House announced this morning that Obama is proposing a "financial aid overhaul" that would tie programs such as work-study and supplemental grants for low-income students to universities and colleges' success in improving affordability and value for their students.

Under the plan, Perkins loans (low-interest loans to needy students) would grow from $1 billion to $8 billion, and a new $1 billion program would be created to reward states that take action to keep college costs down.

The president's plan also wants to require colleges and universities to offer a so-called "shopping sheet" that makes it easier to compare financial aid packages.

In his State of the Union speech on Tuesday night, Obama had a message for institutions of higher learning:

"Let me put colleges and universities on notice," said Obama. "If you can't stop tuition from going up, the funding you get from taxpayers will go down."

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