Say you’ve got a few billion dollars burning a hole in your pocket and you can give it either to bankers or needy college students. Whom do you choose? This is not a trick question.
Confronted with that choice, Washington has for years given money to banks in subsidies and guarantees to encourage them to provide college student loans. But now, President Barack Obama wants to cut out the middlemen and loan the money directly to students.
Congress should make that happen. With the cost of a college education soaring and the economy sinking, students and their families could sure use the money. And it wouldn’t cost taxpayers an additional dime.