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President Obama announced the proposal on August 22 2013. Basically, the proposal aims at making colleges and universities more accountable and affordable by rating them, and, linking federal aid to educational outcomes. Ratings of would be based on tuition, graduation rates, debt and earnings of graduates, and the percentage of lower-income students who attend.
It would have been awesome if the ratings included learning outcomes assessments and alignment with regional/national economic development (industry) needs!