Source: Tamar Lewin, NY Times

Under the plan, which the president is expected to outline on Friday morning in a speech at the University of Michigan, the amount available for Perkins loans would grow to $8 billion, from the current $1 billion. The president also wants to create a $1 billion grant competition, along the lines of the Race for the Top program for elementary and secondary education, to reward states that take action to keep college costs down, and a separate $55 million competition for individual colleges to increase their value and efficiency.

Read Full Article: Obama college aid proposal puts a focus on affordability