Chris Broussard Tells It Like It Is: That ‘An Educated Black Man’, Is The Scariest Thing In America!
I’m becoming a huge fan of Broussard…check out kingmovement.com, as the brother is really getting out there, representing for black fathers hard!
Best of all, he’s seeing that they have to be reached long before fatherhood, and that’s the message in the video below. I can’t imagine posting much from BET, but I’m glad for this one.
Check out this short excerpt HERE.
CSD Dinner Table Topic of the Day: College, Student Loans and 21st Century Sharecropping
Definition of SHARECROPPER
When I graduated high school, I remember people who didn’t go to college saying, “I know people with college degrees that make less than I do and I didn’t go to college!”
Now, I’ll be one of the folks telling high school grads, “I went to college and got a degree and I make more money than average, but I’m still poorer than most people who didn’t go to college!”
“Under this system, black families would rent small plots of land, or shares, to work themselves; in return, they would give a portion of their crop to the landowner at the end of the year.
The sharecropping system also locked much of the South into a reliance on cotton, just at the time when the price for cotton was falling. In addition, while sharecropping gave African-Americans autonomy in their daily work and social lives, and freed them from the gang-labor system that had dominated during the slavery era, it often resulted in sharecroppers owing more to the landowner (for the use of tools and other supplies, for example) than they were able to repay. Some blacks managed to acquire enough money to move from sharecropping to renting or owning land by the end of the 1860s, but many more went into debt or were forced by poverty or the threat of violence to sign unfair and exploitative sharecropping or labor contracts that left them little hope of improving their situation.”
At the current rate, over the next few decades, we will likely return back to a time when only the affluent can afford a college education and those who previously had earned a college degree, will not be able to afford to send their own children to school and will be paying student loan payments out of their social-security checks.
“Forget hitting the books son, better go dribble that basketball or throw that football to get a scholarship!”
Oh, and before someone comments, “Well, if you can’t afford to pay for a college degree, then you shouldn’t get a loan to pay for one!”
As a Dave Ramsey fan, I agree.
So surely you don’t have any credit cards, a car note or a mortgage right? Because if you can’t pay cash for a house, then why should you feel entitled to get a loan to buy a home. After all, the amount many owe in student loan debt equals what they would pay for a home.
Also, I’ll agree more with that statement when our student loan debt is seen as “too big to fail” like the banks that loaned the money, and maybe it can just be wiped off the books.
…just like the folks that walked away from their houses when they bought more than they should have when those loans were flowing like water.
Quite honestly, college is still the best option for the young and old. However, my gripe is with the “wisdom” that getting the education is a guarantee to a great paying job, home ownership, and “you’ll make much more money than your peers that didn’t go to college over your lifetime.”
Well, none of those are absolute truths.
But you better be absolutely sure what you want to major in, how much does it pay in the end and know exactly what you can pay off. Because while the banks that loaned you the money are too big to fail, you aren’t…and you can’t file bankruptcy on student loan debt like they can!
Check out this article from blog.metrotrends.org
With national student loan debt of roughly $1 trillion, it’s no surprise that many Americans are worried about their student loans.
Student loan debt has surpassed credit card debt and is second only to mortgage debt among those age 29-37. This ballooning student loan debt is a contributor to the “lost generation” of 20- and 30-somethings, whose average wealth is lower than the average wealth of those in their 20s and 30s three decades ago.
We published a new brief on school-related debt, using the FINRA Investor Educational Foundation’s 2012 National Financial Capability Survey. One in five adults age 20 and older has school-related debt and concern about the ability to repay is pervasive. The majority of student debt holders (57 percent) is worried that they may be unable to repay that debt.
If Congress doesn’t reach a compromise and the rate of subsidized student loans doubles, student loan debt and the increased payment burden will increase stress around repayment.
Beyond the short-term burden of repaying loan balances and interest, this early debt can have ripple effects and hinder borrowers’ ability to get on a secure wealth-building path. It can delay building a rainy day fund, homeownership, and saving for retirement.
Some of our findings may not be shocking to those who write monthly checks to Sallie Mae, yet they illustrate the magnitude and pervasiveness of the issue:
- Student loan debt affects people at all levels of educational attainment. Nine percent of those with just high school diplomas have school-related debt, possibly incurred for non-degree training or to fund a child’s education. Twenty-five percent of those with some college education but no degree have student loans.
- Student loan debt disproportionately affects African Americans and Hispanics. African Americans and Hispanics are twice as likely to have student loan debt as compared with whites. The large racial wealth gap and lower wealth among families of color likely lead these students to more often turn to student loans to finance their education.
- Student loan debt affects people at nearly all income levels. Twenty percent of those in households with annual incomes under $25,000 have student loans—that’s only 2 percent more than those earning $100,000 and up.
- Concern about repaying student loan debt also cuts across economic and demographic groups (see figure below). Nearly three-fourths of those with incomes less than $25,000 are concerned about their ability to repay—and so is a still-substantial 36 percent of those earning above $100,000.
College is a good investment for those able to complete the degree, but roughly half of people do not. Out of the starting gate, students should consider the cost and completion rate at the institution they plan to attend, earnings in their field of study, and type of student loan (public or private). Helping young people take advantage of student loans to get their degrees—but avoid burying themselves in debt—is a step in the right direction toward economic stability and wealth accumulation.
Illustration by Daniel Wolfe / The Urban Institute.
CornerstoneDad Podcast #12 – CSD On The M-I-C With J-Sizzle
We have someone new joining the podcast, J-Sizzle!
J and I tried to limit our discussion to three topics, but we could barely make it. However, we still tried to catch up on some great topics that we’ve had on our minds that include:
- ESPN’s 30-for-30: BROKE – We ponder the question, how could all of these athletes end up broke after making millions of dollars?
- “I’d like to thank my lord and savior”…wait, what did Jamie Foxx just say? Did he say Barack Obama?
- J-Sizzle answers the question that I will now ask every dad that appears on this show. He’s truly setting the bar high for the men that he comes in contact with, but what would your answer be to this all important question?
So tune in, check it out here
or on iTunes and feel free to let us know what you think!
CSD Dinner Table Topic of the Day – Dad, Which Would You Prefer?
…for your son to come home and tell you that he cashed in his student loan check or maxed out his new credit card (because you know, you gotta establish your credit right?) on this:
For your daughter to come home for dinner with her new boyfriend and when he takes off his coat, you see this:
CornerstoneDad Podcast #11 – Free Labor, Free Education or Just A Lack of Freedom?
Kory Devon and I discuss the latest happenings in the sports world and try to come to an agreement on whether college athletes should get paid (legally) or not. What do you think? Sound off and let us know in the comments section!
This was actually recorded before podcast #10, so please go back and check out that episode if you’d like to hear a continuation of our discussion.
Click Podcast #11 to listen!
CornerstoneDad Podcast Episode #6 – Preparing for A Family? Sorry, You’ll Never Be Prepared
At the beach enjoying the children, but it hasn’t always been this easy! In this episode, I have the most beautiful co-host in the world, my wife. We tell a little bit about us and how our lives have changed with every child that we have been blessed with. We didn’t always see it as a blessing, but thank God he knows better than we do.
Click to listen: CornerstoneDad Podcast Episode #6 – Preparing for A Family? Sorry, You’ll Never Be Prepared
Feel free to email me at: email@example.com and leave your comments about the show or tell us how your life has changed with your children. Have things gone exactly the way you’ve expected them to go? Let us know!