“Campus Progress applauds President Obama’s new community college initiative, which would allow millions of Americans to pursue higher education and become more competitive in the workforce.

The funding of this new initiative depends in part on passage of legislation enacting the President’s proposal to switch to all direct lending for federally-guaranteed student loans. That plan would save the government approximately $87 billion over 10 years, and part of this savings – $12 billion – would be used to fund the community college initiative.

Thus, a clear choice has just become that much more obvious: Congress can vote for more wasteful subsidies for banks, or they can stand with young people and displaced workers seeking an education.”

*Cross-posted at Students Over Banks.