The first round of the “Race to the Top” competition is over. The 16 finalists were announced this Thursday by the U.S. Department of Education. The U.S. Department of Education is pouring out the $4.35 billion “Race to the Top” funds specifically for education reform.Earlier, President Barack Obama had provided a whopping $100 billion for schools in his economic stimulus. Unfortunately, most of it was spend from preventing teacher layoffs and other concerns regarding tight budgets during the recession.The 16 finalists after the first round (out of 41 applicants) are: the District of Columbia, Tennessee, Colorado, Delaware, Florida, Georgia, Illinois, North and South Carolina, Kentucky, Louisiana, Massachusetts, New York, Ohio, Pennsylvania, and, Rhode Island.The final winners will be chosen in April 2010. The second round will start in June 2010.

 “These states are an example for the country of what is possible when adults come together to do the right thing for children,” U.S. Secretary of Education Arne Duncan said.

 The funds are aimed at rewarding the states that have come up with innovative reforms to improve student performance. These funds tend to encourage such creative and effective means of education and an incentive to keep implementing such ideas.