There has been a lot of talk about whether or not there is a crisis on the border. I will leave that debate to the politicians. However, there is no debate about whether or not America has a crisis hitting all 50 states and over 40 million people. This crisis is impacting millions of students pursuing their dreams of earning a college degree. The crisis is impacting millions of young people coming out of college, wanting to be fiscally responsible and save, and buy their first home. What is the crisis? It is America’s $1.56 trillion student loan debt.
Today, student loan debt is the second greatest source of individual debt, only behind mortgages, according to the Federal Reserve. Something must be done about the ever-rising student debt, and the Thurgood Marshall College Fund (TMCF) is taking the issue of financial literacy with HBCU students head-on. Exposing the nearly 300,000 students we represent to the host of scholarship offerings is one of our main strategies for decreasing student loan dependence. TMCF understands that student loans disproportionately impact minority students – with the greatest negative impact on African-American students. We have to put just as much early attention on student loan debt by providing student scholarships, grants and wraparound services, so HBCU students can persist in their studies without dropping out because of finances. The more scholarships we can award, the fewer loans students are forced to take, so they graduate without the strain of insurmountable student loan debt.
As the wealth gap continues to grow we know that by 2053, the Net Worth of African-American families is projected to hit $0, so there is a clear urgency to educate and support organizations that have direct connections to young African American students that will be entering the workforce. TMCF is committed to empowering students attending HBCUs on how to secure and keep a good paying job and build a career into the C-Suite, or become entrepreneurs, save money and build wealth for the future in the hopes of being great global leaders that give back to future generations.
Additionally, we are teaching HBCU students to be better college consumers, moving career-focused programming to Freshmen and Sophomores, so they can choose college course strategically, in order to graduate in four years, while entering the talent pipeline earlier.
More than 80% of all HBCU students attend TMCF member-schools and 97% of those students rely on financial aid in their pursuit of a degree. Through our partnerships with many companies such as Wells Fargo, Boeing, Ally, and Apple we are providing scholarships, internships, corporate immersions, and innovation programs as well as good paying jobs.
For example, over the course of our partnership with Wells Fargo, they have provided more than $7.2 million in support of TMCF student scholarships and financial literacy curriculum development and announced a $1.1 million for the 2019-2020 academic year. In 2018, TMCF provided close to $10 million in direct aid for student scholarships, stipends, awards, wrap-around services, and institutional grants. Those are real dollars and for the majority of the students we serve, the dollars are transformational. This is important because according to aLendEDU study nearly three in 10 college students in America are solely responsible for paying for all of their higher education costs.
Finances should never be a barrier to graduation, nor should the financial impact of earning a college degree be a barrier for buying a home, saving money, starting a family, and having a good credit score. TMCF prides itself on building pipelines into good paying jobs but we also have to work to ensure that those students are able to truly reap the financial benefits of their achievements without having to pay off years of student loan debt.
Yes, the student loan situation is a crisis that must be addressed early and often with students, parents, family members, and guidance counselors. We need to make this an issue on the campaign trail on both sides of the aisle in every election, not just the 2020 presidential one. Roll Call recently reported that there are 66 members of Congress who are currently paying off their own personal student loans or debts for dependents. “Collectively, the 44 Democrats and 24 Republicans have higher education liabilities of $2.5 million, according to recent financial disclosures. The median student loan debt is $15,000, while average debt is $37,000.”
This is not a partisan issue and we will continue advocating for bipartisan solutions and effective student financial aid literacy opportunities especially for the Black College Community because we know they work. The student loan debt crisis can be corrected if we all work together to make sure our future innovators, government and corporate leaders can lead without the crippling burden of student loans. The time is now.
In the Federal Register, which is where the U.S. government publishes agency rules and public notices, DeVos’ proposed priority is to “align the Department of Education’s … discretionary grant investments with the Administration’s Opportunity Zones initiative, which aims to spur economic development and job creation in distressed communities.”
Perhaps the best-known program to get funding through discretionary grants is the Expanding Opportunity Through Quality Charter Schools Program, which gets $440 million and supports new charters as well as those seeking to expand. In fact, the department announced at the start of this month in a rule that a priority for distributing these charter school grants will be to fund charters that are in Opportunity Zones, which provide tax breaks to investors in exchange for long-term investment in identified areas. (More on that below.)
But the department’s proposed rule, published on Monday, could broaden the extent to which these competitive federal grants are tied to the zones. It’s possible federal grants to magnet schools, arts education, and programs like TRIO and GEAR UP that help bridge gaps between K-12 and higher education could also prioritize Opportunity Zone investments in the future…
And in general, there’s some hope these Opportunity Zones could strengthen schools by bolstering and diversifying the services available to students in struggling communities.
Remember: The big-ticket education funding programs, such as Title I services for disadvantaged students and special education state grants, rely on formulas and not competitive-grant applications. So those funding streams wouldn’t be affected by this new grant priority.
To read the full article, visit Education Week. May require a subscription.
According to Larry Pogemiller, the Commissioner of the Office of Higher Education, “The five chosen programs all demonstrate innovative and promising teacher preparation methods that can help Minnesota schools meet the challenge of finding the teachers they need.”
The grant program was created during the 2017 legislative session and allocated $750,000 for new alternative preparation programs that intended to do one or more of the following:
Fill Minnesota’s teacher shortage in licensure areas that the commissioner has identified.
Recruit, select, and train teachers who reflect the racial or ethnic diversity of the students in Minnesota.
Establish professional development programs for teachers who have obtained teaching licenses through alternative teacher preparation programs.
Importantly, only a “school district, charter school, or nonprofit” were eligible for the grant monies, meaning that institutions of higher education were not. Additionally, in order to be eligible, programs must also have been in operation for three continuous years in Minnesota or any other state, and are working to fill the state’s teacher shortage areas. Finally, the commissioner of Higher Education must give preference to programs that are based in Minnesota.
This post will provide a description of an alternative teacher preparation program, as well as a description of the programs for each of the grant recipients.
What is an Alternative Teacher Preparation Program?
In 2011, the Minnesota legislature passed a law that created the opportunity for alternative teacher preparation programs to be created. According to a 2016 Office of the Legislative Auditor report, school district, charter schools, and nonprofit organizations are eligible to establish an alternative program by partnering with a college or university that had an alternative teacher preparation program. Additionally, school districts and charter schools are also able to establish an alternative program by forming a partnership with certain nonprofit organizations, but only after they had consulted with a college or university with a teacher preparation program.
States: Got an idea for supporting the transition for high school Career and Technical Education students into postsecondary education and the workforce? The U.S. Department of Education wants to hear from you.
The department has created a new, $3 million grant program aimed at helping states provide apprenticeships in STEM fields (that’s science, technology, engineering, and math) during high school. The deadline to apply is July 17. The department will be holding a webinar on the program on June 5, 2018. You can register for it here.
Read full article here may require ED Week subscription
Working as a Financial Aid Counselor, families often ask me how they can pay for college. More often than not this conversation takes place during the student’s senior year in high school. As a first-generation college student, there are things I wish my family and I had known to help us save on our college bill. These are a few things that families can do to help cut the cost of college:
1. Community colleges can be great options
Community college offers the most affordable education out there. At community college you can complete the general education classes that every school requires, and then transfer to a 4-year school where you can take classes specific to your major. Also, community college is a great place to gain technical skills and earn a short-term certificate to get you started in the workforce.
2. Buy used textbooks or rent them
Buy used books or check to see if you can rent textbooks at your school or online. After the class is over, sell your books back online, to the bookstore, or to someone else.
If you do an internet search for textbooks you may find a better deal from an online retailer than from the school bookstore, or you may be able to download a less expensive electronic version.
3. Explore all of your aid options
Apply for financial aid using the Free Application for Federal Student Aid (FAFSA). There are several types of aid such as grants, scholarships, work-study and loans. Apply for financial aid every year you are in school and start looking for scholarships early.
Also check with your school’s Financial Aid Office to see if merit-based aid is available. To qualify for merit-based aid, you may need to meet certain criteria, such as specific academic areas or certain sports.
4. Borrow responsibly
Student loans are not free. You must pay back your student loans with interest.
If you have student loan money left over after you pay your school expenses, you do not have to accept that money. It is not free! The less money you borrow now, the less money you will have to repay after graduation.
If you pay the interest while you are in school, you will pay less money in the long run.
5. Avoid dropping classes and focus on graduating on time
Decide what you want to major in early in your college career and decide which career path is right for you. By thinking about this ahead of time, you will avoid paying for classes that don’t end up contributing toward your degree.
Dropping classes will extend your time to completion. The longer you are in school the more you will pay for college. Postponing joining the workforce also means you will be losing out on potential earnings.
These are only some of the things I wish I had known when preparing to pay for my college education. All of the tips mentioned involve planning ahead.
A great way to handle your finances and practice planning is to develop a spending plan. A spending plan can help you manage your financial aid and finances, while helping you figure out your expenses over the number of years that it will take you complete your degree, but that’s a topic for another blog.
Robert Weinert Jr. is a Financial Aid Adviser and is pursuing his Masters in Higher Education Administration Enrollment Management at Bay Path University. He is a 2017-18 virtual intern with the Office of Federal Student Aid, U.S. Department of Education.
The Rex organization, which is best known for tossing beads, go-cups and doubloons as it parades on Mardi Gras, gave out much more valuable prizes on Saturday (Jan. 13) — grants totaling $1 million to 63 local education-related organizations.
The awards, which ranged from $1,500 to $60,000, came from the Pro Bono Publico Foundation, which the Rex organization formed after Hurricane Katrina to help rebuild the education system in the New Orleans area. The name comes from the krewe’s motto, which, in English, means “For the Public Good.” The money comes from Rex members as well as nonmembers, said Dr. Stephen Hales, a founding member of the foundation’s board.
“I’m proud to be a recipient,” said Julia Walker, chairwoman of the development committee of New Orleans College Prep, a charter-school operator that was given $30,000 for three schools.
“I don’t think there’s another organization in town that does so much for the charter schools,” Walker said.
States: Got an idea for supporting the transition for high school Career and Technical Education students into postsecondary education and the workforce? The U.S. Department of Education wants to hear from you.
Working as a Financial Aid Counselor, families often ask me how they can pay for college. More often than not this conversation takes place during the student’s senior year in high school. As a first-generation college student, there are things I wish my family and I had known to help us save on our college bill. These are a few things that families can do to help cut the cost of college: