¡°Colleges must do their part to keep their costs down, and it¡¯s our job to make sure they do,¡± he said in the speech, delivered yesterday. ¡°Tonight, I ask Congress to change the ³ÉÈËVRÊÓƵ Act, so that affordability and value are included in determining which colleges receive certain types of federal aid.¡±

A policy document released following the address gives more detail on the president¡¯s plans, and proposes changes to the way in which institutions are accredited, and allocated federal funding.

It states that Mr Obama will call on Congress ¡°to consider value, affordability, and student outcomes in making determinations about which colleges and universities receive access to federal student aid¡±.

This might involve amending the current system by ¡°incorporating measures of value and affordability¡±, or could mean that a new ¡°alternative system of accreditation¡± is created to ¡°provide pathways for higher education models and colleges to receive federal student aid based on performance and results¡±.

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These changes, if introduced, would mean accreditors would be required to ensure that the cost and value of an institution¡¯s higher education have more influence over how financial aid is allocated.

Mr Obama also confirmed that details of a new ¡°College Scorecard¡± would be unveiled later today, allowing parents and students to compare institutions based on ¡°a simple criteria: where you can get the most bang for your educational buck¡±.

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¡°Today, skyrocketing costs price way too many young people out of a higher education, or saddle them with unsustainable debt,¡± Mr Obama said.

chris.parr@tsleducation.com