The big idea in President Obama's new proposal for tackling the growing crisis in college affordability can be boiled down to this: linking federal higher education aid to a new grading system that would rate colleges and universities on the "value" they provide students.
While the president offered a series of ideas, the one with potentially the most bite would, come 2018, condition the size of Pell Grants — money the federal government provides for financially needy students — on how high the institution in question scores on the value index.
Obama described the factors he proposes throwing into the value mix:
"I think we should rate colleges based on opportunity — are they helping students from all kinds of backgrounds succeed ... and on outcomes, on their value to students and parents. So that means metrics like how much debt does the average student leave with? How easy is it to pay off? How many students graduate on time? How well do those graduates do in the workforce? Because the answers will help parents and students figure out how much value a college truly offers."