President Barack Obama will outline a plan today that focuses on affordability of higher education.
The White House announced this morning that Obama is proposing a "financial aid overhaul" that would tie programs such as work-study and supplemental grants for low-income students to universities and colleges' success in improving affordability and value for their students.
Under the plan, Perkins loans (low-interest loans to needy students) would grow from $1 billion to $8 billion, and a new $1 billion program would be created to reward states that take action to keep college costs down.
The president's plan also wants to require colleges and universities to offer a so-called "shopping sheet" that makes it easier to compare financial aid packages.
In his State of the Union speech on Tuesday night, Obama had a message for institutions of higher learning:
"Let me put colleges and universities on notice," said Obama. "If you can't stop tuition from going up, the funding you get from taxpayers will go down."