WASHINGTON, D.C.
Urban Ed Express, the loan company launched last year by BET founder Robert Johnson, promises to not only help students prevented from pursuing a college education because of financial barriers, but to encourage financial literacy in the Black community as a whole, Johnson told an audience at the National Association of Student Financial Aid Administrators conference on Monday.
The association estimates that 400,000 students each year fail to realize their higher education dreams because of a lack of finances. The new loan company, part of Johnson’s initiative to make college affordable, is part of a bank that will also branch out into the mortgage and other markets.
One of the factors Johnson says holds Black students back, especially those that come from big families as he did, is the feeling that the cost of college would be a burden on their parents, who are already struggling to make ends meet, but it’s not.
“You are not robbing your parents or cheating your brothers and sisters for wanting [a college education],” said Johnson during a discussion moderated by Emmy-award winning broadcast journalist, Ed Gordon.
Johnson said borrowing money for school should not be looked at as debt. “Debt is what you pay with an interest rate, education is an investment.”
