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The Federal Work-Study Program needs to be revamped to help serve more low-income students, says a report released Monday by Young Invincibles, a student advocacy group.

The group calls on Congress to replace the existing formula for distributing federal work-study money to campuses with a methodology that rewards institutions that enroll and graduate large numbers of low-income students. Under the current program, the group said, the most expensive private institutions that have been in the program the longest receive the most funding at the expense of many public institutions that serve larger populations of low-income students.

The report also said that the work-study program should require that colleges place students in jobs that are better aligned with their career interests and academic programs.