Today more than ever students attending Historically Black Colleges and Universities are faced with mounting students loans and future years of turbulent economic times.  The aftermath of the bailout requires that students, faculty and universities face this problem with action and vigor.  The problem is overwhelming, but with a financial action plan that includes careful planning, systemic financial advice and sacrifice from all parties involved, our students can pull themselves out of years of debt and increase their wealth, despite mounting student loans.

A simple action plan is needed.  Students with mounting student loans should be required at the collegiate level to participate in service programs and projects that provide three (3) basic tenants:

1. Service and commitment to community;
2. Development of character and good work ethics; and
3. Involvement from college students who represent 10% of those in the world who are educated.

Service provides for leaders the foundation that equips them with the overall knowledge to answer to a higher calling.  Every leader who balances work, family and commitment will say that the success that they attain is tied to a higher calling on their life.  That calling is why they become successful allowing them to reach out and do what they were born to do rather than to just make money.  Their success and accomplishments are often the result of enjoying the work and thus creating a place in the marketplace that is designed by them in their service, while working.  If we can train the next leaders at HBCUs to move from making a living to providing a service, we will compete the global marketplace with sincere, educated leaders who have passion, vision and wealth.  Their wealth will be measured far more than in dollars but by their commitment.

President Barack Obama and First Lady Michelle Obama have reached out to have a National Call for Service modeling the movement of Former Secretary Colin Powell with America’s Promise in the late 1990s.  This call for service gives HBUCs and opportunity to bridge the gap between higher education and our failing communities that are devastated by drugs, unemployment and lack of resources.  A common bond with HBCUs, community leaders and clergy can foster a new beginning by using Spring Break and Intersession between school semesters and summer sessions to foster this new National Call For Service.  Each student will be required each academic year to use a break to provide service to the community at large while fostering a need to give back.  For one week of service each student will receive 1 hour credit for at least 40 hours of work during the break and 10% reduction in their student loans for each break that they participate in.  With this plan, freshman student could reduce their student loans by 80%- 90% iif they so choose to participate for the entire four years while in college on average.  The amount would on-going and monitored and recorded by the Department of Education and the student’s academic institution. If a student decides after graduation to come into the federal sector or state government as a public servant, the amount should be altered to be reduced to a 1% interest rate for this student.

This model is being used a few institutions of higher education currently but needs to piloted at HBCUs in 2009-2010.  It is proposed that this would increase public private partnership opportunities and broaden the pool of public servants in the federal sector.

Dr. Cornell West has stated, “In order to serve the people, you must love the people.”  If we are to truly develop global leaders for our changing world, we must use service as the tenant for African-American leaders who are ready to serve the people.

The future looks dim now with our turbulent economic times, but the future is bright for our youth and those who sit in the seats of our Historically Black Colleges must not be burdened with debt that will keep them from reaching their goals in life and providing the service of which they are preparing for each day in our institutions of higher education.  Our forefathers fought for the day when we would see brighter days….well they are here and we all must continue to fight for our students and youth as they go about the  business of preparing the world that awaits them,  We must not strapped them with the national debt, soaring student loans and mounting social problems.  We must prepare them to the leaders they all are striving so hard each day to be each of HBCUs.