Update: The Obama administration has released a fact sheet  with full details of the plan President Obama will discuss in a speech today on college prices and costs.
President Obama is planning to talk about the specifics of his college affordability plan today at the University of Michigan, and leaked details appear in The New York Times.  According to the Times, the proposal will focus on campus-based aid programs, such as Perkins Loans and work-study, with funds linked to colleges' ability to control college prices and to show that they are providing value to students. The plan will also seek to require colleges to provide more information about financial aid packages (to help families compare offers) and about the earnings and job placements of graduates. The administration will also propose a $1 billion competition (modeled on the Race to the Top program for the states on elementary and secondary education) that would reward states that meet certain goals.
Obama administration officials told the Times that major parts of the program -- including a substantial increase in Perkins Loan funding -- would not require more federal funds, because the funds are repaid and create a revolving fund for future loans. However, Congress would have to approve the plan -- and Congressional approval of any Obama administration proposal is uncertain in an election year when Republicans control the House and have the ability to block most legislation in the Senate.