President Obama announced the creation of two new competitive grants for community colleges Tuesday – a part of his continuing efforts to reshape community colleges to meet the changing needs of the American economy.

At the first White House Summit on Community Colleges, Mr. Obama said Tuesday that the Bill & Melinda Gates Foundation’s $35 million “Completion by Design” program will target schools in nine states over five years. In addition, the annual Aspen Prize for Community College Excellence will award $1 million to exemplary community colleges beginning next fall.

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