White House: College should be available for everyone, not a luxury

By Jillian Marshall

White House: College should be available for everyone, not a luxury

August 22, 2013 Updated Aug 23, 2013 at 1:19 AM EDT

(WBNG Binghamton) President Barack Obama's agenda for his two-day tour of New York and Pennsylvania will focus on how to make a college education available for everyone, not a luxury.

The average college student in New York graduates with more than $26,000 in debt.

Obama will speak at Binghamton University Friday about his three-point plan to make college more affordable for the middle class.

The proposal directly relates federal student aid and student performance with a new college ratings system that will rank institutions based on their performance and graduation rates.

This rating system will be available to students and families before 2015.

Deputy to the president, James Kvaal, says Obama will push for legislation to tie how much financial aid colleges and universities receive by directly relating it to the new rates.

"We want to find colleges that are doing a good job enrolling students, making themselves accessible to students, staying affordable and making sure students learn something while they are there," Kvaal said. "So the idea is to try to measure the value that colleges are offering students."

This is focused mostly on current and future students, but the plan says it will also help college graduates in debt.

"The president is proposing to let students limit student loan payments to 10 percent of their income," Kvaal said.

For more information on the plan, click here.