President Barack Obama has released his detailed plan to lower the cost of college, a mission he has set out for since taking office in 2008, according to a White House news release.

Obama announced Tuesday in a public statement on the White House website his intention to release a detailed plan in the near future. He said parts of the proposal would not likely sit well with some schools and that it did not single out public or private institutions.

The plan's release comes the day his two-day bus tour of some select college campuses.

In the past three decades, tuition at public universities has risen 250 percent, according to a recent survey from the College Board. However, Census data showed only a 16 percent increase in the average family's income. It is this imbalance Obama will try to combat.

READ the full release here.

"Paying for Performance" is the first item on the proposal. This section includes an incentive program for students' financial aid to be tied to academic performance. It also calls for new college ratings before the 2015 school year. The ratings would affect which state schools would get better funding from taxpayer dollars.

"Students can continue to choose whichever college they want, but taxpayer dollars will be steered toward high-performing colleges that provide the best value," the release said.

"Promoting Innovation and Competition" challenges schools to offer more affordable payment options to students. It also asks the schools to be honest about their strengths and weaknesses in the best interest of the student. The plan also suggests removing unnecessary regulations that act as hindrances to innovation.

"The Race to the Top competition will have a special focus on promoting paying for value as opposed to enrollment or just seat time," the release said. "States typically fund colleges based on enrollment rather than on their success at graduating students or other measures of the value they offer."

"Ensuring Student Debt Remains Affordable" recognizes that, even with lower tuition, there will be student loan debt. The President suggested borrowers should be able to cap their payments at ten percent of their monthly income after graduating. The proposal also asked lending companies to help borrowers with different flexible options.

"Beginning this fall, the Department of Education will contact borrowers who have fallen behind on their student loan payments, undergraduate borrowers with higher-than-average debts, and borrowers in deferment or forbearance because of financial hardship or unemployment to ensure they have the information they need to choose the right repayment option for them," the release said.

Obama will visit schools in New York and Pennsylvania on his brief bus tour and is expected to speak on his detailed proposal.