College Affordability: A Better Bargain for the Middle Class

     President Barack Obama is hoping to make one of the most drastic changes to the federal student aid program in decades.  His plan will link federal dollars to new Department of Education ratings of community colleges and universities, giving students better-rated educations, with more inexpensive loans and larger grants.  If the Department of Education feels as if schools aren't doing enough to control expensive costs, give a quality education to all, or enroll students from economically diverse backgrounds, those schools will lose federal financial aid.  In addition, the amount of financial aid given to schools will be decided not by the student head-count, but rather the outcome of the students.

Credit

     Many families are questioning if this new program will limit student options for schools, but, says the White House, there is no need to worry.  Students are free to choose any school they please, though they should be aware that the schools with better ratings will receive the most tax dollars.

     Obama is hoping to put these words into action in only a couple of years.  Within the next year, Obama wants to publish college ratings.  These ratings will determine eligibility into colleges by 2018, so that any quirks in the new program can be fixed.

     One question is still unanswered: Will the College Affordability Plan pass in Congress?

- Jessie Ritz

Source: Associated Press