Obama to propose new system for rating colleges

WASHINGTON (AP) — President Barack Obama on Thursday will unveil a sweeping new plan for rating colleges based in part on affordability, with the goal of eventually linking those ratings to federal financial aid awards.

The new ratings system, which the president wants implemented before the 2015 school year, would evaluate colleges on a series of measures, including average tuition and student loan debt, graduation rates, and the average earnings of graduates. Obama is also seeking legislation to link the new rating system to the way federal financial aid is awarded, with students attending highly-rated schools receiving larger grants and more affordable student loans.