According to the Fox News White House blog:
The White House says that the President has decided to give the approximately $1.4 million prize accompanying his Nobel Prize to charity. They have not made a decision on which charity or charities will receive the money.
Here’s an idea for the President: He could give the 216 low-income kids back the scholarships that his administration took away from them earlier this year.
But if the President was gutsy enough to make that sort of gesture at the teacher’s unions, then those kids wouldn’t have had their program killed by the resegregationists in the first place.