College affordability tops agenda for presidential speech in Michigan

Speaking at the University of Michigan, President Barack Obama told audiences that college affordability was a top priority for his administration. According to the president, enabling more students to earn college degrees is vital for the future of the economy.

President Obama plans to reform the way that colleges are awarded federal funds. Schools that fail to prevent tuition from increasing will be given less money, and colleges that keep tuition down will receive more. He also announced the launch of the new Race to the Top: College Affordability and Completion program. This initiative will reward states that make college more accessible to students by changing their college admissions policies.

The president also called for universities to implement college scorecards to make it easier for students considering filling out college applications to choose a school that's right for them. The proposed scorecard system would present information such as graduation rates, tuition fees and potential earnings in an easily understood format.

"College is the single most important investment you can make in your future," President Obama told the audience, as quoted by the Detroit Free Press. "And I'm proud that all of you are making that investment."

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