It is more than likely that many of you don’t know much, if anything, about the “E-Rate,” which is formally the Schools and Libraries Program of the Universal Service Fund administered under the auspices of the Federal Communications Commission. The E-Rate offers discounts for schools and libraries to get Internet access and telecommunications. This week, the FCC will vote on modernizing the E-Rate in a move that would first redirect a few billion dollars in E-Rate funds to the benefit of millions of students this year alone. In this post, Julius Genachowski and Jim Coulter explain why they think the FCC should approve the modernization. Genachowski is managing director of The Carlyle Group and former chairman of the Federal Communications Commission. Jim Coulter is a commissioner of the bi-partisan Leading Education by Advancing Digital (LEAD) Commission, and co-founder and chief executive officer of TPG Holdings.