President Obama speaks at University of Michigan, addresses college affordability

Thousands of people gathered at the Al Glick Field House in Ann Arbor to watch President Obama speak at the University of Michigan Friday morning.

He arrived to a boisterous crowd.

"Hello Michigan! It is good to be back in Ann Arbor," the President said - as he took the podium.

During his speech, the President touched on the economy and jobs, but focused primarily on rising tuition costs and college affordability.

“From now on I’m telling Congress, we should steer federal campus-based aid to those colleges that keep tuition affordable, provide good value [and] serve their students well.  We are putting colleges on notice… if you can’t stop tuition from going up then the funding you get from taxpayers each year will go down,” said the President.

He told the crowd that the administration is working to expand the availability of grants and loans and make it easier for people to pay their student loans back.

"Thanks to the hard work of Secretary Duncan, my administration is increasing federal student aid so more students can afford college.”

President Obama is pushing against higher interest rates on student loans - which are expected to double in July.

"Your President and your First Lady were in your shoes not long ago," the President said. He spoke about owing $24,000 in student loans. When that drew a cheer from one audience member, the President questioned whether that student also owed $24,000 in loans.