Today, President Obama will deliver speeches at University at Buffalo and Henninger High School, both in New York State, announcing his plan to make college more affordable.
In advance of the President's remarks, the White House issued a fact sheet on the President’s Plan to Make College More Affordable.
The core of the President's plan includes a new grading system for colleges that steers federal funding to schools with high marks; requiring students to complete a certain percentage of their classes in order to continue receiving financial aid; and allowing all student borrowers to cap their federal student loan payments at 10 percent of their monthly income.
The problem with President Obama's plan is it doesn't actually make college more affordable. The President's plan does not address why some would-be college students have effectively been priced out of universities across the nation. The rising cost of college tuition is what's making higher education less affordable.
If the President doesn't address ever-increasing college tuition, then his proposed grading system won't do bupkis to make college more affordable. The colleges and universities with the highest grades under the Obama grading system will simply keep raising tuition all the while accepting more federal dollars.
Capping the federal student loan payments at 10 percent of the student's monthly income doesn't make college more affordable. The student still owes thousands of dollars in college loans. The 10% cap will only force the student to pay off the loan over a longer period of time.
And requiring students to complete a certain percentage of their classes in order to continue receiving financial aid? I'm not even going to dignify that with a comment.
If this is the best idea President Obama has, he needs to go back to the drawing board, because this just doesn't cut it.