Today President Barack Obama addressed students a the University of Michigan campus in Ann Arbor and announced a plan to control college costs. Obama has called for an overhaul of the higher education financial aid system, warning that colleges and universities that fail to control spiraling tuition costs could lose federal funds. After the jump check out the video. 

Obama said at an event at the University of Michigan campus in Ann Arbor.

“Higher education is not a luxury. It’s an economic imperative that every family in America should be able to afford,” “It’s not just enough to increase student aid and you can imagine why. We can’t just keep on subsidizing skyrocketing tuition.”

“We’ve got to have an economy in which every American has access to a world-class higher education,”