Obama proposes new system for rating colleges

PHOTOGRAPHER: The Associated Press

BUFFALO — President Barack Obama is calling for a new government rating system for colleges that will judge schools on affordability and performance and could be used to determine how federal financial aid is disbursed.

Obama was speaking to a crowd of more than 7,000 at the University of Buffalo, which is part of the State University of New York system. The Obama administration says the SUNY system is a leader in affordability and innovation.

The attention to school costs comes after Obama and Congress recently cooperated on a new law governing student loans. But Obama says loan amounts aren’t keeping up with skyrocketing college costs.

He says: “Higher education cannot be a luxury, it’s an economic imperative. Every American family should be able to get it.”