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President Obama Proposes New System for Rating Colleges

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    BUFFALO, N.Y. (AP) President Barack Obama is calling for a new government rating system for colleges that will judge schools on affordability and performance and could be used to determine how federal financial aid is disbursed.

    Obama was speaking to a crowd of more than 7,000 at the University of Buffalo, which is part of the State University of New York system. The Obama administration says the SUNY system is a leader in affordability and innovation.

    The attention to school costs comes after Obama and Congress recently cooperated on a new law governing student loans. But Obama says loan amounts aren't keeping up with skyrocketing college costs.

    He says: "Higher education cannot be a luxury, it's an economic imperative. Every American family should be able to get it."