American RadioWorks |
Josipa Roksa and Richard Arum, co-authors of Aspiring Adults Adrift. (Photo:  Social Science Research Council)

Ed researchers: Colleges can do more for students, especially in a bad economy

College is worth the investment. College graduates can't find good jobs. Student loan debt keeps rising, and now tops a trillion dollars. What can be done?

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in collaboration with Spotlight on Poverty and Opportunity

Get banks to fund a microcredit program for poor in the United States

File under: income, microfinance, geneva global, opportunity international, HOPE International, mediamavens.com, enrichment.com

4 (1 votes)

From: Mike S., Ft. Lauderdale, FL

Microcredit (or microfinance) is working in developing countries. Poor, working people (primarily women) are given a small loan, funded by donors through an NGO (non-governmental organization), to operate a small business. This lifts them and their family out of intractable, chronic poverty.

Microcredit hasn't had a real launch in the United States, because the small loans would obviously have to be larger here than what they would be in the developing world.

Let a bank -- e.g., Bank of America -- sponsor a fund that would be targeted to poor, working people in each of the market areas of each branch bank. Monies to loan out would come in through bank customer donations (the bank could appeal to customers to give "x" dollars each month from their checking accounts), and through a percentage of the bank's own monies. The bank would work with one or more acknowledged microfinance agencies for distribution.

The public relations for the bank would be terrific; this could be a customer magnet for new accounts, far offsetting whatever the bank would be doling out.


Comments:

Tina W.
From Minneapolis, MN

Like with many things in the US I would be afraid it would be exploited. However it could work if the people "donating" the money got their money back when the borrower begins paying back the loan. This is how Prosper Marketplace, Inc works. But, I like this idea. Give everyone who wants it a reason to be proud of themselves, and feel good about giving back to their local economy. The biggest problem as I see it, is that you have to use people in order to get ahead these days. This is why I will never have enough to make ends meet. But a bunch of small local businesses who can even barter would be good. A little money is exchanged, a promise to help when needed, and the heart of our communities could be returned too.


American RadioWorks |
Josipa Roksa and Richard Arum, co-authors of Aspiring Adults Adrift. (Photo:  Social Science Research Council)

Ed researchers: Colleges can do more for students, especially in a bad economy

College is worth the investment. College graduates can't find good jobs. Student loan debt keeps rising, and now tops a trillion dollars. What can be done?

Recent Posts

  • 09.17.14

    A company short on skilled workers creates its own college-degree program

    At a Toyota plant in Kentucky, young people are learning how to fix robots, earning associate's degrees and graduating with jobs that pay up to $80,000 a year.
  • 09.11.14

    A 21st-century vocational high school

    For years, vocational education was seen as a lesser form of schooling, tracking some kids into programs that ended up limiting their future opportunities. Today, in the nation's best vocational programs, things are different.
  • 09.10.14

    Career academies: A new twist on vocational ed

    Across the country, thousands of high schools are transforming into career academies. The idea is that students will be more engaged if they see how academics are connected to the world of work. And they’ll be more likely to get the postsecondary schooling they need to support themselves in today’s economy.
  • 09.09.14

    The troubled history of vocational education

    Vocational education was once used to track low-income students off to work while wealthier kids went to college. But advocates for today's career and technical education say things have changed, and graduates of vocational programs may have the advantage over graduates of traditional high schools.