As part of his education agenda, President Barack Obama wants to overhaul the way the federal government helps students attend college, by eliminating the current program that heavily subsidizes banks that provide student loans. Instead of banks doing the actual lending, the administration wants to cut out the middleman and loan the money directly to students, and thus save $94 billion over the next decade, according to analysts at the Congressional Budget Office. Critics of the current system (the Federal Family Education Loan Program) have accused banks of collecting large fees for decades on student loans, which are 97% guaranteed by the US government. In addition, in light of the $700 billion bailout of Wall Street, the Obama administration isn’t too keen on maintaining the status quo by allowing financial institutions, such as Citigroup, Bank of America and Sallie Mae, to enjoy making easy money through the federally-subsidized student loan program.