Students around the our area are returning to college this week. This morning, around 2,300 students will make their way to classes at Dickinson College in Carlisle. As they learn the ropes, they’re also looking for ways to tackle the total cost of their education. That’s why President Barack Obama is focused on an affordable college plan. It’s a value rating system for colleges and universities to receive federal funding. Colleges would be rated based on their affordability through scholarships and other means. In addition, student performance and success after graduation will be taken into consideration, according to Obama’s plan.
“We’re going to work with colleges to keep costs down….so you are going to have some responsibilities as well.”, the President said in Scranton on Friday.
In addition, President Obama says he’ll lower student loan payments by putting a cap on monthly payments based on the borrower’s income. Given the approval of the legislature, Obama’s plan would cap the loan payment to 10 percent of their monthly income.