President Barack Obama made large strides this week in making a college education more accessible for Americans.

Speaking at The University of Buffalo on a bus tour of the upstate New York region, the commander-in-chief outlined a plan that would link financial aid with performance while also making loan payments more affordable and realistic.

"There aren't many things that are more important to that idea of economic mobility, the idea that you can make it if you try, than a good education," Obama said. "In the face of greater and greater global competition, in a knowledge-based economy, a great education is more important than ever."

The plan would reward schools that bring in students from low-income backgrounds, keep tuition costs low, and maintain high graduation rates.

According to the plan, those who hail from disadvantaged backgrounds will also have more opportunities to achieve an education. The Obama administration has indicated that it will begin collecting data as soon as possible in order to put the plan into action.

"Today, more students are earning their degree, but soaring costs saddle them with unsustainable debt," Obama said in a speech last month. "This growing inequality is not just morally wrong, it's bad economics.  Because when middle-class families have less to spend, guess what, businesses have fewer consumers."

According to ABC News, Obama wants to have the college ratings published prior to the 2015 academic year. He then wants the ratings to start determining eligibility three years after that.

The proposed plan still requires congressional approval.