If I were president, I would cut the cost of education.
Syntactically, the apodosis is a preterite (past tense) clause because it has preterite "would" as head. Semantically, though, it serves to express how the speaker feels at the time of their utterance, so it refers to present/future time. It’s called a remote conditional construction and it stands in contrast with the open conditional equivalent "If I am president, I will cut the cost of education".
Traditional grammar wrongly calls the "were" in the protasis the past subjunctive, but of course it is not a tensed form but a mood form which modern grammar calls 'irrealis', indicating that it conveys varying degrees of remoteness from factuality. The protasis time is present. It's an untidy relic from an earlier system, and many speakers use preterite "was" instead.