No one should go broke because they go to college

From President Obama's SOTU speech tonight

I urge the Senate to follow the House and pass a bill that will revitalize our community colleges, which are a career pathway to the children of so many working families. To make college more affordable, this bill will finally end the unwarranted taxpayer-subsidies that go to banks for student loans. Instead, let's take that money and give families a $10,000 tax credit for four years of college and increase Pell Grants. And let's tell another one million students that when they graduate, they will be required to pay only ten percent of their income on student loans, and all of their debt will be forgiven after twenty years - and forgiven after ten years if they choose a career in public service. Because in the United States of America, no one should go broke because they chose to go to college.

He also called for colleges and universities to keep costs down.

At UNLV, we're one of the least expensive options for students seeking to attend a research university in the entire nation, although state budget cuts have forced a 10% increase this year, another 10% increase next and possibly steeper fee increases as well to cover the current shortfall. Our state effectively makes students into taxpayers since little of that new money stays on campus, instead reverting to the state general fund.