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Thursday, May 24, 2012

Student Loan Debt Interest Rates Increased By Congress! BLACK College Students In Peril!


Congress' Failure to Stop the Interest Rates on Current Student Loan Debt from rising to 6.8% in July, appears to be some kind of Political Strategy to Further Discourage BLACK Students from Attending College.

This includes BOTH Political Parties NOT just the GOP!

I could be Wrong but I believe Congress is attempting to Save that Federal Student Loan Money to Attract More Foreign College Students.

AKA Asian Students, Middle Eastern Students & Hispanic Students!

In other words BLACK People are being REPLACED!

Its Ok if BLACK People go to Prison but NOT to College because Prison is FREE Labor.

Is Ok for BLACK People to accept Low Wage Jobs but Don't Attend College and if you Do Attend College Don't Expect to find a High Wage paying Job.

This is what Congress & some 21st Century BLACK Leaders are attempting to make BLACK People Accept as their NEW Reality.

Politicians Don't Care If BLACK Students Attend College Because They
(Including Many BLACK Politicians) Only See Us As Dispensable, Low Wage, Stupid SLAVES Who Will Do As We Are Told.

Congress & some 21st Century BLACK Leaders wants the BLACK Community to believe there are NOT more BLACK in Jail than in College. They're LYING!

There ARE in FACT More BLACK Men in Jail then in College, I don't care how they try & cook the Numbers to dispel this FACT.

I've Been Warning Ya'll This Negative Stuff About The BLACK Community Was Coming, However Many Of You Have Labeled Me As Some Bitter, Angry Conspiracy Theorist.

Thus Many Of You Keep Ignoring The Obvious Handwriting On The Political Wall!

I am NOT an Angry, Bitter Conspiracy Theorist. I am just really Passionate about the Well Being of the American BLACK Community.

MOST Politicians Just Want The BLACK Vote But Plan To Do NOTHING For Us Other Than REPLACE Us!

They Don't Care About BLACK Voters!

They Just Want Our VOTES!

If BLACK People Attempt To Speak Up, Speak Out Or March Against Systemic Injustice, The Federal Gov't Will Send In The NAACP To Control Us Or Just Shut Us Up Like They Did Mayor Cory Booker.

Like it or not, Accept it or not but BLACK AMERICAN CITIZENS ARE BEING REPLACED.

Its time for the American BLACK Community to recognize that the 21st Century Democrats are NOT the Same Democrats as Bill Clinton & His Crew.

Bill Clinton did a Lot to help & Encourage BLACK Students to Attend Colleges & Universities.

Today's Democrats basically have an Anti-BLACK Agenda.

The Majority of today's current Student Loan Debt did NOT come from BLACK Students.

Instead it was created by WHITE & Foreign Students Studying to become Doctors, Attorneys & Engineers.

Now CONGRESS wants BLACK American College Students To Pay For It!

And if We do NOT Pay for it, the Feds will Confiscate Our Passports, Mess Up Our Credit Reports, Keep Us from Getting Decent JOBS, take our Homes, etc.,

In other Words, another form of FINANCIAL SLAVERY!

The American BLACK Community Must Continue To Pray, STAND & Speak Up About Injustice No Matter WHAT!





Senate fails to agree on student-loan-rate freeze

The Senate held two votes Thursday on measures to ensure that student loan rates for millions of college students do not double in July — and at the conclusion of the legislative action, the issue remained exactly where it began: stuck.

The measures, one offered by Democrats and the other by Republicans, each failed to reach the 60-vote threshold necessary to move forward, as the parties remain at loggerheads over how to pay for the $6 billion loan subsidy.

If they cannot resolve the dispute, loan rates will rise from 3.4 to 6.8 percent on July 1, increasing the cost of college for 7 million students.

Leaders in both parties have said they want to freeze rates for another year. President Obama has barnstormed college campuses arguing for lowered rates. Mitt Romney, the presumptive Republican presidential nominee, has said he agrees that Congress should extend the lower rates.

But as with many issues in Washington, agreeing on the end goal has so far not been enough to get a bipartisan bill.

Democrats have proposed paying for the additional year of loan subsidies by ending a tax provision that allows executives of some small businesses to collect some of their income as business profits instead of wages, allowing them to avoid paying payroll taxes.

Democrats say the provision is primarily used by professionals such as lawyers and consultants, and they sought to end its use by those making more than $250,000 a year.

Republicans said the Democrats’ proposal amounted to a tax increase on those best positioned create jobs in the sluggish economy. They also argued that payroll taxes are earmarked to fund Medicare, and any new revenue should go to the retiree-health program.

On a 51 to 43 vote, the measure failed to advance.

The Republican proposal would have paid for the loan-rate freeze by eliminating the preventative health-care fund created in the 2010 health-care act.Republicans call it a slush fund and have pointed to what they say are misuses in its spending. Democrats note that it funds HIV/AIDS screenings, obesity prevention and other key programs that could help bring down health-care costs.

The Senate Republican bill mirrored a measure adopted last month by the GOP-controlled House. Republicans called the House action a bipartisan vote and said their Senate colleagues should move forward with the bill. Thirteen House Democrats had joined 202 Republicans in supporting it.

The White House has said Obama would veto that bill if it advanced, but it failed to move ahead in the Senate on a 34 to 62 vote.

There had been no suspense over the outcome of the day’s votes in the Senate — they were staged largely so both sides could point to their own votes in favor of lowering rates while highlighting the opposition’s vote against it.

Democrats say the failure to find a compromise is a sign that Republicans do not actually want to freeze rates. Eliminating the health fund, they argue, is a poison pill that Republicans know Democrats can never support.

“The Republican proposal is paid for by stripping Americans of life-saving preventive health care,” said Senate Majority Leader Harry M. Reid (D-Nev.). “The Democratic proposal is paid for by closing a loophole that allows wealthy Americans to dodge their taxes.”

Republicans countered that Democrats are more interested in finding a popular campaign issue for Obama than working out a solution to the loan issue.

“This problem could have been solved weeks ago,” Senate Minority Leader Mitch McConnell (R-Ky.) said. “Democrats weren’t interested. They wanted a scapegoat more than a solution.”

McConnell called on Obama to become more involved in negotiations to find a resolution to the dispute. “As with so many pressing issues, the president has not led on this issue. He has campaigned on it but has not worked to actually fix it,” he said.

The Senate will be on a one-week recess next week for Memorial Day, while the House returns from a one-week break. The two chambers will likely turn their attention to attempting to negotiate a deal on the issue later in June.

Black College Students Will See Interest Rate for Subsidized Stafford Loans Double in July

A dangerous consequence of last year’s federal budget will begin July 1, 2012, and will have a devastating impact on African Americans who need the assistance of loans to attend college. Last year, when congress was trying to find ways to reduce the federal budget during the debt-ceiling debate, they left interest rates poised to increase July 1 for all government student loans.

This means that nearly eight million students nationwide who rely on subsidized loans to cover college costs would see the interest rate double from the current 3.4 percent to 6.8 percent as of July 1, if there is no change made to address this by Congress soon.

Moreover, to make things worse, student borrowing subsidized Stafford loans processed on or after July 1 will no longer receive the six-month grace period in which the government pays the interest.

This rate increase comes as part of a broader piece of legislation known as the Budget Control Act of 2011.

Also, a new problem will arise for graduate students enrolling in a program of study on or after July 1, since now they will no longer be eligible for subsidized Stafford loans. They will remain eligible for unsubsidized loans, which already carry an interest rate of 6.8 percent.

All of this add up to more debt for African American middle-class and low-income students who use the subsidized loans to pay for the ever- increasing price of university tuition and fees that used to be covered by Pell grants and other federal forms of student aid.

Now, students, in order to obtain these loans, must demonstrate financial need and meet income restrictions to receive them.

If the current rate is not stopped by congress, the average subsidized Stafford loan borrower would have an additional $2,800 in college debt over a 10-year repayment term. In addition, borrowers who assume the maximum $23,000 in subsidized loans will see the total of their interest inflate an additional $5,000 over a 10-year repayment period and $11,000 over 20 years.

Over the last 10 years alone, college loan debt has increased from $41 billion to $103 billion, according to a report released by the College Board. It now outpaces credit card debt in the United States, exceeding $1 trillion last year, according to the Wall Street Journal.

Sources: AP, Fox News, Rolling Out, Russia Today, Washington Post, Youtube

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