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In his piece, “Obama administration delivers ‘a nasty surprise’ to black college students, parents,” Courtland Milloy of the Washington Post brings to light something that the mainstream press is ignoring.
Milloy writes that Blacks are being disproportionately denied student loans, yet no one is seriously addressing the implications. In his article, he writes:
“We’re getting calls and e-mails from parents, at least two and three a day, saying the denial of their student loans is a disaster,” said Johnny Taylor, president of the Washington-based Thurgood Marshall College Fund. “You have black students from low-income households about to enter college or already there and pressing towards graduation, persisting just as Obama urged them to do, only to have his administration pull the rug out from under them.”
The parents of African-American students are being denied loans because of blemished credit history. In essence, without these loans to help offset the growing costs of a college education, some students will have to sit out a semester or longer until their parents ’credit can be repaired and/or other means of funding can be secured. In essence, some potential students will have to defer their dreams of a college education.
Denying students an education based on their parents’ poor credit history just perpetuates educational disparities. A point that Milloy goes on to argue in his article:
“In the past year, for historically black colleges and universities (HCBU), the Obama administration’s policies have led to a 36 percent drop in the volume of parent loans. That translated into an annual c*t of more than $150 million.
The reason, according to Education Secretary Arne Duncan, is to prevent parents from taking on too much debt — which is as patronizing as it is hypocritical. In April, Obama announced that he was pushing to make more home loans available to people with weak credit.
He says it’s part of an effort to improve the economy, as if having an educated workforce is not.”
As Milloy points out in his piece, the bottom line is that the loan rules need to be reviewed. In a country that prides itself on second chances and meritocracy, should students really be punished for their parents’ credit scores and (lack of) credit worthiness?