Former Mayor Mike Bloomberg released a college affordability plan Monday.

“As president, I will make college more affordable so that no student ever forgoes college because of cost. I will make federal funding of universities — including [historically black colleges and universities] — more equitable,” Bloomberg said in a statement. “And I will make the application process fairer by working to end legacy preference in admissions so that genes no longer take precedence over grades. Every child deserves an equal opportunity to get a high-quality education — and I know we can deliver it.”

Bloomberg’s plan calls for doubling the maximum Pell Grant, making two-year college tuition-free for all and reforming federal student loans so “no one has to pay back more than they can afford.”

Regarding student loans, Bloomberg’s plan would cap repayment at 5 percent of monthly discretionary income, down from its current 10 percent, on federal loans up to $57,500.

The plan also calls for relieving existing student debt by providing targeted relief to “borrowers who struggle the most and fix the Public Service Loan Forgiveness Program to extend debt relief to qualifying current public servants.”

Rhode Island Gov. Gina Raimondo, national co-chair of Bloomberg’s campaign, said in a prepared statement the most important thing for the economy is to have a “more educated workforce.”

“Mike Bloomberg understands this, and he has a plan to make sure everyone has access to affordable higher education,” Raimondo said in a statement. “Tuition-free community college is one of the lowest-cost, highest-impact investments Rhode Island has ever made. Mike’s plan would allow more states to follow suit and ensure that all students are prepared for in-demand careers. We need bold leadership to ensure everyone has the opportunity for a good job and economic security, and I’m glad Mike is leading the way.”

Bloomberg’s plan would provide a “2:1 federal match to states that commit to tuition-free two-year public or technical college.”

“[The federal match would support] funding for low-income students beyond tuition and fees, including books, meals, transportation and child care, and make four-year public college and universities [tuition-free] and debt-free for the lowest-income students,” according to the plan.

Bloomberg’s campaign has gained ground since his late entry into the race in November. In the RealClearPolitics polling average of likely national Democratic primary voters, Bloomberg is in third place with 16.1 percent support, just behind former Vice President Joe Biden with 17.8 percent. Sen. Bernie Sanders leads with 27.8 percent support.