Administration launches $650 million program to boost education

President Barack Obama has announced $650 million in available grants to help bring school-improvement ideas to fruition. The money, part of the $4.35 billion Race to the Top fund, will be awarded in three ways: up to $5 million for developing innovative ideas; up to $30 million for reforms that are already successful; and up to $50 million for proven innovations that could help improve education regionally or nationally. Schools or nonprofit organizations seeking the federal grants would be required to have matching funds.

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