President Obama is proposing a financial aid overhaul that for the first time would tie colleges’ eligibility for campus-based aid programs — Perkins loans, work-study jobs and supplemental grants for low-income students — to the institutions’ success in improving affordability and value for students, administration officials said.

Under the plan, which the president outlined on Friday morning in a speech at the University of Michigan, the amount available for Perkins loans would grow to $8 billion, from the current $1 billion. The president also wants to create a $1 billion grant competition, along the lines of the Race for the Top program for elementary and secondary education, to reward states that take action to keep college costs down, and a separate $55 million competition for individual colleges to increase their value and efficiency.

The administration also wants to give families clearer information about costs and quality, by requiring colleges and universities to offer a “shopping sheet” that makes it easier to compare financial aid packages and — for the first time — compiling post-graduate earning and employment information to give students a better sense of what awaits them.

These proposed changes would all require Congressional approval.

With student-loan debt now outpacing credit-card debt — and becoming a rallying point in the Occupy movement — the administration has for some time promised to address the issue, knowing its potency with voters in an election year. The president met privately with a group of college presidents in December, and has been collecting examples of colleges that have kept their costs from spiraling upward.