Obama decries rising cost of college education

President Obama waves to the crowd at Osawatomie High School in Osawatomie, Kansas, Tuesday, Dec. 6, 2011, where he delivered a major speech on the economy. (AP Photo/Charlie Riedel)

January 27, 2012 8:26:07 AM PST
President Barack Obama called Friday 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.