Ohio State University's newest president says it is committing $400 million over five years to lower students' costs and improve the value of their education.
President Michael Drake announced the effort Tuesday during his formal installation ceremony. He says students should be focused on learning, not worried about paying for college.
The plan would include $15 million in the first year for scholarships to decrease reliance on student loans. The school says scholarship support for low- and middle-income students would grow by $100 million over five years.
Ohio State says the $400 million will come from "administrative efficiencies" and "innovative financing" that's not dependent on tuition or taxes.
The 64-year-old Drake started at Ohio State last June after being recruited from the University of California-Irvine. He's an ophthalmologist by training.