Thousands of cash-strapped parents breathed huge sighs of relief as President Obama unveiled his new proposal for a two-year guarantee of free tuition to community college. The plan, named “America’s College Promise,” which attempts to make the price of tuition more affordable, is designed to give low-income students the extra financial padding they need to attend community college in the first place.

The plan comes after a successful dry-run in Tennessee, where the state government implemented the “Tennessee Promise,” a program aimed at subsidizing tuition for community-college going students. According to the Education Advisory Board, the program has received applications from 90% of seniors in Tennessee public schools since its inception.

Obama intends for the program not only to remove financial barriers to access to college education, but also to alleviate the burgeoning student loan crisis- a $1.3 trillion problem. With students shouldering less of a financial burden, they should rely less and less on student loans to cover the high cost of tuition.

Another added plus is that students who already receive Pell Grants- another form of government aid generally used to cover tuition fees- can now use these grants to cover other costs like living and textbook expenses.

Some critics have voiced concerns about Obama writing a blank check- would students to whom community college is easily affordable also receive the benefit of free tuition? The simple answer is no. President Obama’s free tuition plan includes control measures that place a cap on participants’ net family income at $200,000 annually.

Obama’s plan for free community college tuition also includes other measures to ensure that students’ persistence doesn’t decline. Students attending community college under the program must maintain a 2.5 grade point average and actively remain on track for a college degree.

Concerns over excessive government spending, however, still remain. “America’s College Promise” is expected to cost the federal government a total of $60 billion over a decade. Many wonder whether the increase in access to community college education will outweigh this hefty price-tag.

This is compounded by the fact that many students who enroll in community college tend to drop out. While community colleges are touted as gateways to careers and graduate degrees, the New York Times reports that 45% of enrollees drop out after attending community college for five years or more. Indeed, the opportunity cost of dropping out of college as compared to directly entering the workforce after high school is high.

Junior Karina Franke believes that America’s College Promise is a step in the right direction towards equal education opportunities. She said, “I think that Obama’s program for free community college tuition is a good idea, especially since many students seeking to enroll in community college cannot afford to do so.” She continues, “Providing students with free tuition will greatly increase college attendance, and build a more capable and educated workforce.” However, whether America’s College Promise is an effective investment remains to be seen.