President Obama announced Thursday night a multibillion dollar plan to make the first two years of community college free for all students "willing to work for it."

Obama promised to explain the particulars of the education plan Friday during a scheduled speech at a community college in Knoxville, Tennessee, calling the plan a "preview of the State of the Union."

Put simply what I'd like to do is to see the first two years of community college free for everybody who is willing to work for it. That's right, free for everyone who's willing to work for it. It's something we can accomplish and it's something that will train our workforce so that we can compete with anybody in the world.

The plan would depend on federal funding which would cover about 75 percent of the expected multibillion dollar cost, the Los Angeles Times reports. Full-time community college students currently pay an average of $3,800 a year.

Students will have to qualify for the program for the free ride—according to the Wall Street Journal, the White House plans to vet and accredit qualified colleges and students will have to maintain a 2.5 grade-point average and "make steady progress" to maintain eligibility.

[image via AP]