Under the plan, which the president outlined on Friday morning in a speech at the University of Michigan, the amount available for Perkins loans would grow to $8 billion, from the current $1 billion. The president also wants to create a $1 billion grant competition, along the lines of the Race for the Top program for elementary and secondary education, to reward states that take action to keep college costs down, and a separate $55 million competition for individual colleges to increase their value and efficiency.
The administration also wants to give families clearer information about costs and quality, by requiring colleges and universities to offer a “shopping sheet” that makes it easier to compare financial aid packages and — for the first time — compiling post-graduate earning and employment information to give students a better sense of what awaits them.
This is going to be one of the most important issues that not just you face but everyone in the entire country faces."School officials estimated the crowd at Al Glick Field House to be roughly 4,000. Many of those in attendance had waited hours in line overnight Wednesday to get their tickets the following morning. And many others began lining up in the rain and snow for Friday's general admission appearance the night before.
Drawing on his own experience and that of first lady Michelle Obama, the president told that crowd: "Your president and your first lady were in your shoes, not that long ago. We didn't come from wealthy families. The only way we were able to achieve what we achieved is because we got a great education. We could not have done that unless we lived in a country that made a commitment to opening up that opportunity to all people."
Obama's comments come as the average tuition at public universities in Michigan more than doubled over the last decade. In 2002, the average cost for a resident undergraduate student was $4,945, according to the House Fiscal Agency. In 2012, the average cost is $10,416.