WATCH LIVE: Obama unveils plan on cutting college costs

The rating system which is slated to go into effect before the 2015 school year would rank colleges on criteria including cost of tuition, graduation rates, student debt and graduate earnings, according to a White House fact sheet explaining the proposal.

Obama’s plan would also ask Congress to tie federal financial aid grants to a school’s rankings, to encourage students to attend high-performing colleges.

Read more at The Hill.