You are now being logged in using your Facebook credentials
Dorothy Buckhanan Wilson Installed as International President of Alpha Kappa Alpha Sorority, Incorporated

Dorothy Buckhanan Wilson Installed as International President of Alpha Kappa Alpha Sorority, Incorporated

Charlotte, NC (BlackPR.com)

Dorothy Buckhanan Wilson of Milwaukee, Wisconsin, a business executive, was installed as the 2014-2018 International President of Alpha Kappa Alpha Sorority, Incorporated (AKA)

Read More...
Nielsen Expands Communications Leadership Team with Key Media Relations Hire

Nielsen Expands Communications Leadership Team with Key Media Relations Hire

New York (BlackPR.com)

New York (BlackPR.com) -- Nielsen today announced that Andrew McCaskill has joined Nielsen as Senior Vice President, Corporate Communications. He will report to Chief Communications Officer Laura Nelson.

Read More...
Voter Suppression: It’s Mobilization Time

Voter Suppression: It’s Mobilization Time

Written by Peter Grear

With this article we will start detailing the ingredients of a revisable action plan that needs comments and revisions as we move toward the Tuesday, November 4, 2014 General Election.  

Read More...
Las Vegas Comedian James Bean's Candid Account Of His Struggle With Suicide

Las Vegas Comedian James Bean's Candid Account Of His Struggle With Suicide

WHEN THE HUMOR IS GONE

James Bean has shown insight and understanding of the darkest moments of many people’s lives as well as ideas on how one could begin to create a life worth living even out of the depths of despair.” -– Rhonda Duncombe, LMFT, LADC

Read More...
Voter Suppression: NC Black Republican Advisory Board

Voter Suppression: NC Black Republican Advisory Board

Written by Peter Grear

Educate, Organize and Mobilize: I confess that I’m amazed. The Republican National Committee and the Republican Party of North Carolina announced last week that they have launched theNorth Carolina Black Advisory Board (BRAB) 

Read More...
Tips for Managing Stress in Your Life

Tips for Managing Stress in Your Life

Written by State Point

Stress is not only unpleasant; it can be overwhelming, ultimately preventing you from solving the problems that caused the stress in the first place. But getting focused can help you feel happier and be more successful professionally, financially and in your relationships, say experts.

Read More...
Voter Suppression: Defeating it requires two massive efforts

Voter Suppression: Defeating it requires two massive efforts

Written by Peter Grear

For black voters, Benjamin Jealous expressed what I believe to be the critical message for black voters when he said that the best way to overcome massive voter suppression is through a massive wave of voter registration.  Thankfully, the NAACP is putting this theory into action through the Youth Organizing…

Read More...
Black Women are Taking Care of Business

Black Women are Taking Care of Business

Written by Freddie Allen

Instead of breaking the glass ceiling, Black women have increasingly started making their own. According to the Center for American Progress, an independent, nonpartisan progressive institute, Black women are the fastest-growing group of entrepreneurs in the country.

Read More...
Voter Suppression: Is it partisan?

Voter Suppression: Is it partisan?

Written by Peter Grear

Educate, Organize and Mobilize: I’ve been doing commentaries on our Campaign to Defeat Voter Suppression since November, 2013.  Because the right to vote is fundamental to our democracy, I’ve tried to promote a non-partisan theory of voter enfranchisement. 

Read More...
Why vote? ALEC and the Doctrine of Exclusion

Why vote? ALEC and the Doctrine of Exclusion

By Peter Grear

Educate, Organize and Mobilize: Frequently, in going forward it is imperative to examine your history.  In 1638 the Maryland Colony issued a public edict encouraging the separation of the races that became the public policy of America. 

Read More...
Download Greater Diversity News Digital PDF Edition for FREE

Download Greater Diversity News Digital PDF Edition for FREE

FREE Full PDF Edition includes stories not featured on the website

The FREE Full PDF Edition includes stories not featured on the website. No paper, no hasel, read on your laptop or mobile devices. 

Read More...
Frontpage Slideshow | Copyright © 2006-2011 JoomlaWorks Ltd.

Home Page

Student Loans Cause 36 Million to Drop Out

Written by Charlene Crowell on 12 November 2012.

According to a new report, since 2009, 36 million Americans have attended college without earning a degree. Consequently, 850,000 individual private loans valued at more than $8 billion are now in default. With high and variable interest rates, these loans can cost students more in repayment than the actual cost of tuition. From 2005 to 2011 alone, private student loan debt more than doubled from $56 billion to $140 billion.

Among Black students who did not complete college, 69 percent cited high student loan debt as the reason. Soon after dropping out of school, these ex-students began struggling with repayment without the earning power a degree could have provided.

The report, The Student Debt Crisis, is authored by the Center for American Progress, an independent, nonpartisan institute.  The October report analyzes key factors in this looming financial crisis including changes in debt over time, the role lenders have played in the current crisis, who has incurred debt and factors contributing to the rise of student debt.

Most of the $1 trillion in combined federal and private student loan debt can be attributed to the  the increasing cost of college, the choice by state legislatures to make higher education a lesser priority in annual budgets, aggressive lending practices, and the recession cutting into the savings and earning power of families, the report stated.

“Students of color, particularly African-Americans are graduating with more student debt: 27 percent of black bachelor’s degree recipients had more than $30,500 in debt, compared to 16 percent for their white counterparts. And with Pell Grants facing cuts, many students of color who rely on these awards to help pay for school will be forced to borrow at even greater rates,”  the report observed.

Among students of color who graduate, the report found that 81 percent of Black students and 67 percent of Latino students typically have one hand holding a degree and the other clutching multiple student loans that need to be repaid. Among young African-American college graduates under the age of 34, more than half – 56 percent – have delayed purchasing a home.

Further, the lengthy time it now takes for most new graduates to find employment brings another dimension to student debt challenges. While nearly 9 percent of recent White graduates are unemployed; nearly 11 percent of Black graduates and 13 percent of Latinos are unemployed.

Financial pressures have forced many state and local governments to make painful cuts, including in education. This reduction in funding left many institutions of higher learning with fiscal challenges. Some school endowments also lost funds as a result of the recession. As a result, most schools turned to raising the cost of tuition to replace needed revenues. To make matters worse for students, many state-sponsored scholarships and grants were reduced, if not eliminated.

As costly as college has become, there are still valid reasons to pursue higher education. According to Wilbert van der Klaauw, an economist with the Federal Reserve Bank of New York, the disparities in lifetime earnings are stark. Americans with degrees can expect their collective earnings to reach $2.3 million. For people that attended college but never completed a degree the lifetime expected earnings drop to $1.5 million.

The report concluded, “The overlap of the recent recession and the continuing rise in student debt has created a perfect storm that is overwhelming many borrowers.” •

Charlene Crowell is a communications manager with the Center for Responsible Lending. She can be reached at: Charlene.crowell@responsiblelending.org. •

GDN Link Exchange