Muncie Times, Muncie, Delaware County, 19 June 2008 — Page 15

The Muncie Times • June 19, 2008 • Page 15

T H E J U D G E S C H A M B E I! S

FIGHT TO SAVE JUNIOR COLLEGES

Two year colleges serve as a bridge to better paying jobs or a four year degree, both of which improve the quality of life for the students who attend. These students - and the schools themselves - are now at risk, thanks to the large banks who no longer want to do business with smaller, less competitive schools. Several major lending institutions, CitiBank, Chase, HSBC and Citizens Bank among them, have opted out of providing student loans to community colleges and less-selective four year schools while continuing to serve more prestigious universities. Over 40 percent of this country’s undergraduate students attend a community college. These new lending practices jeopardize their chances to get an education, find a good job and actively contribute to their communities. Community college students often come from lower or working class families that are less likely to be able to afford out of pocket education expenses. Without access to funds, many students will opt out of attending school altogether or work an extra job, putting thenstudies at risk, to pay tuition. While everyone who desires has the right to

access higher education and the benefits it brings, these students in particular need the “lift up” an education can provide. The banks say it is a business decision: the economy is headed towards a recession and the loans made to students at these schools tend to be less profitable. The federal government guarantees 95 percent of the amount of loans banks issue to student lenders. And it heavily penalizes borrowers who default on their education loans. The banks aren’t worried so much about losing money from these loans as much as they are about making money. The banks deciding to deal only with elite schools - where tuition is higher and the loan amounts are larger - say the interest they accrue on the shorter, smaller loans doesn’t generate enough of a profit for them. Once again, corporate America is only looking at its immediate bottom line, not realizing that its actions today will affect its business - and the American economy - far into the future. If community college students, unable to afford the expense, decide not to attend school, the amount of money they earn over their lifetime will drop significantly. With more Americans earning less

money, the economy will take a hit. Schools that don’t make the elite rankings will also suffer. If students can’t afford these schools, enrollment will drop, leading to cutbacks in classes offered and, in extreme cases, school closings. With one bottom line focused decision, these banks have started a chain reaction that could prevent the lower class from ascending. The economy is in a tailspin; limiting access to

Judge Greg Mathis Chairman of the Rainbow

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PUSH

Excel Board

and a national member of the Southern Christian Leadership Conference

education is not the way to fix it. Write or call your legislator and urge him/her to introduce legislation that stops this trend before it becomes more widespread. A law that provides incentives to

those lenders who continue to deal with smaller, less elite schools - or disincentives for those who don’t - could encourage banks to think twice before adopting this practice.

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