WASHINGTON -- The Obama administration on Thursday formally unveiled a new program its officials hope will spur innovation, improve college access and completion, and cut student costs. Yes, that's all it aims to do.
The First in the World competition, as the administration calls the $75 million effort to which it invited applications in today's Federal Register, will award grants of up to several million dollars to institutions (or consortiums of them) to implement or scale up ideas that might advance President Obama's goal of increasing the proportion of Americans with postsecondary credentials. Up to $20 million of the total will be set aside for colleges that meet the federal definition of "minority-serving institution."
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