Let's compare two California community college students: a 19-year-old who's struggling to afford the classes she needs for her nursing certificate, and a successful college graduate refreshing her biology skills in case of company layoffs.

In the September quarter, both students are likely to pay the same price -- $26 -- for each unit, and it's Gov. Arnold Schwarzenegger's contention that the latter should pay more. Twice more, in fact. He wants college graduates enrolled in community college courses to pay $50 a unit.

This sounds fair at first. The community college system is designed to bleed red ink every year. (Even with the 2004-05 budget calling for a reasonable fee increase from $18 to $26 a unit, students pay for just 14 percent of their educational costs). And this is the year the governor promised the state budget a tourniquet. Students with bachelor's degrees have presumably been educated to get well-paying jobs already, and therefore they can afford to pay more.

But there are two crucial problems with this policy. The first is that it doesn't recognize Silicon Valley's situation, where so many college graduates are trying to retrain themselves in the wake of jobs moving overseas and employers needs for new skills.

Some are unemployed and unable to afford the extra fee. ``You're punishing the students who need it most,'' said West Valley Mission Community College District Chancellor Stan Arterberry. ``This year about 15 percent of our students have advanced degrees, and that's telling me there's something wrong with the economic climate.''

The second problem with this policy is that it has already failed once. The state tried something similar in 1993, and it was a disaster. ``We had a 40 percent decline in the number of students who have bachelor's degrees,'' said Linda Michalowski, interim vice chancellor of student services for the California Community Colleges. ``And because of that loss, the system didn't really increase fee revenues.'' Even more troubling: Michalowski said that they lost three out of five degree-holders who were enrolling for retraining purposes.

As California looks for new revenue, here's a textbook example of when long-term vision should keep the budget ax in the shed. Raising bargain basement community college fees broadly and fairly makes sense. Punishing those who most need California's investment in their future doesn't.