(photo courtesy of Indiana University)

IU President Michael McRobbie focused on the cost and quality of education during his State of the University address Tuesday. McRobbie outlined a new initiative to make attending IU more affordable.

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A new financial award will be offered to students who have completed 4 semesters that are on track to graduate in four years. Qualifying students will receive an award that offsets any increases in tuition and fees that occurs in their junior and senior years. McRobbie says the award benefits students and their families by reducing costs and by providing financial certainty for their junior and senior years.

McRobbie also announced that he will recommend a free, online financial literacy course for all students. The course will be provided by the Kelley School of Business.  McRobbie also unveiled plans for a new Global and International Studies building. The $53 million building will be paid for entirely by IU, with half of the funding coming from IU's Big 10 Network revenues.