As the cost to attend college continues to spiral upward, President Barack Obama will announce Thursday a proposal to tie federal financial aid to a new college rating system and to limit how much students will need to pay each month for their student loans.
Obama, who will make the announcement at a college in Buffalo, N.Y., will need Congressional approval for both initiatives, White House officials said during a conference call with reporters Thursday.
The rating system, which will be developed ahead of congressional approval to link it to financial aid, will look at affordability, access and graduation rates. Repayment schedules will be linked to income.
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