When the Aid Checks Stop

Now the Bush’s ish has affected the big lenders with student loans:

Dozens of the country’s biggest lenders have stopped doling out student loans to struggling college kids because of the economic upheaval - leaving scores of would-be scholars combing the want ads this fall instead of hitting the books. Many lending experts say panicked banks are still reeling from mortgage meltdowns and are leery about taking a chance with their dwindling liquidity. More than 33 banks and lenders have completely shuttered or suspended their private loan programs in the past year, and more than 100 have stopped participating in all or parts of the federally guaranteed student-loan program, according to FinAid.org, a Web site that keeps track of the student-loan industry.
The scurrying ranks include former lending powerhouses such as MyRichUncle.com, Bank of America and Campus Door, which was backed by Lehman Brothers. “The credit crisis has had a tremendous impact on student loans,” said Keith Alliotts, of TuitionBids.com, a website that helps students find the best prices on loans for college. “It’s hard to find anyone doing student loans because so many have left the space.” He said his office is inundated with calls from frantic students and their parents, scrambling to come up with the cash for college. “It’s a sad state of affairs,” he said. Kristina Fernandes, 20, was so desperate that she borrowed $8,000 at 18 percent interest rate to cover her expenses at NYU this semester. “It sucks,” she said. Her federal student-aid package gives her $15,000 a year for school, but she reckons that her tuition, room and board will reach $40,000 for the year. Fernandes, an economics student, took out the loan and works two jobs to swing it. “I’m having a hard time with the whole time-management thing because I spend so much time working instead of studying,” she said.

Kids better start working at Mickey D’s early or they will just be assed out. As if saving up for college was not hard enough, now your loans are up for grabs.

Source

Hip-Hop Birth Roots to be Sold

A Bronx apartment building, recognized as the birthplace of Hip-Hop culture, is expected to be sold next week, announces New York City officials.

Located at 1520 Sedgwick Avenue, the building’s landolord group plans to withdraw the property from the city’s moderate housing program, allowing the owners to pay off the building’s $5 million dollar balance, according to AllHipHop.com.

The property will then be sold to high-profile real estate developer Mark Karasick, putting the future of the 100 families living there in doubt.

The tenants and partnered housing advocates attempted to block the sale by filing a lawsuit in the State Supreme Court. Despite the current tenants, advocates and the building’s hip-hop pioneer DJ Kool Herc coming together to prepare a $10 million offer for the building and securing a temporary restraining order against the sale, the State Supreme Court ruled in favor of the landlord on last Friday (September 26).

"While the owners of 1520 Sedgwick have a legal right to buyout of the Mitchell-Lama program, the building’s residents have made an offer that we believe is more than fair," Shauna Donovan, commissioner for the housing preservation department, told the New York Times. "In this light, it is difficult to understand why the owners would choose to put the affordability of over 100 families’ homes at risk."

In the early 1970s, Kingston, Jamaica native and Hip-Hop founder Clive Campbell moved into the building. There he quickly constructed a graffiti crew dubbed the Ex-Vandals, and took on his famous DJ moniker Kool Herc.

Exasperated by the gang violence that plagued the neighborhood, Herc and his sister Cindy began hosting parties in the building’s recreation room.

Utilizing two turntables and a guitar amp, Herc revolutionized music by isolating "the breaks" of popular records like James Brown’s "Give It Up or Turn It Loose," Booker T and the MG’s "Melting Pot," Babe Ruth’s "The Mexican," and The Incredible Bongo Band’s "Apache."

This style of musical arrangement grew exponentially, attracting dancers (B-Boys and B-Girls) and fellow DJs and future Hip-Hop luminaries Afrika Bambaataa and Grandmaster Flash.

Last year, New York officially christened the building "the birthplace of Hip-Hop" and declared it eligible for national and state registrars.

According to reports, 1520 Sedgwick Avenue is estimated to be sold for $7.5 million.