The solution to the nation’s ailing economy may be as easy to find as your nearest community college.

The Obama administration has put together a 10-year plan, in which $12 billion will be invested in community colleges.

The goal? To add five million new community college graduates by 2020.

President Obama explained the focus on community colleges by citing this projection: Jobs requiring [a minimum of] an associate’s degree are expected to grow at twice the rate of jobs requiring no college experience.

The training provided by community colleges will enable the U.S. to fill those jobs “on our shores,” he said.

The plan – called the American Graduation Initiative – will focus on these four areas:

• Challenge grants: These will help pump money into underfunded colleges, as well as encourage partnerships with businesses and other schools.
• Access and Completion Fund: Includes performance-based scholarships and provides schools with tools that’ll allow them to build programs around students’ work schedules.
• Facilities renovation: The $2.5 billion for modernizing facilities also will create jobs.
• Online courses: The hope is that online courses will add to the effectiveness of classroom instruction.

Are community colleges the answer in these tough economic times? Let us know what you think in the comments section below.

Tags: American Graduation Initiative, community college, President Obama