The White House has released details of a community college plan President Obama will unveil in a speech in Warren on Tuesday afternoon.
According to speech excerpts and the background briefing released by the White House, Obama will renew a February call to dramatically increase college graduation rates, and will add to this a call to add 5 million new community college graduates by 2020.
“Today, I am announcing the most significant down payment yet on reaching this goal in the next ten years,” the president will say, according to his prepared remarks.
Among the key aspects of the plan:
» Create a community college challenge fund which will allow community colleges to partner with business and industry, expanding course offerings, invest in remedial education efforts, and develop comprehensive student centered college attendance goals and plans.
» Fund innovative programs to help community college students complete their college educations.
» Provide $2.5 billion in funds to leverage facility upgrades at community colleges across the nation. The money is expected to leverage $10 billion for upgrades and new buildings.
» Create an online education program which will drastically increase online educational opportunities, by making those programs available for free.
The president is expected to say the program will pay for itself by eliminating subsidies to private banks for college loans:
Not since the passage of the original GI Bill and the work of President Truman’s Commission on Higher Education — which helped double the number of community colleges and increase by seven fold enrollment in those colleges – have we taken such a historic step on behalf of community college in America. And let me be clear: we pay for this plan by ending the wasteful subsidies we currently provide to banks and private lenders for student loans, which will save tens of billions of dollars over the next ten years. Instead of lining the pockets of special interests, it’s time this money went toward the interest of higher education in America.