05/19/2010 05:12 am ET Updated May 25, 2011

Increase In Applicants For Pell Grants Puts Pressure On Student Aid Bill

It's never seemed like much of a debate. Should the government spend $61 billion over the next 10 years to continue to subsidize the private lenders who have long acted as middlemen for student loans that are guaranteed by the federal government? Or should we cut out the private lenders and completely convert to the government's direct-loan program, which already provides about half these college loans at a cheaper cost, and funnel the savings into programs that help low-income students finance their education and encourage colleges to do more to help them graduate and find jobs?