WASHINGTON, DC--(Marketwired - July 01, 2013) - With student loan interest rates doubling today, the Thurgood Marshall College Fund (TMCF) is frustrated that once again college students, especially African American students, are at the brunt of political posturing.

Over seven million college students had faith in our country's elected leaders to do what's right and make college affordable and accessible for everyone. However, millions of students will now see their future career goals evaporate at the hands of politics as the interest rates on new subsidized loans double.

"It is disappointing to continue watching college access for many students just slip away, especially the country's neediest college students," said TMCF President & CEO Johnny C. Taylor, Jr. "First we had the Parent Plus Loan (PPL) crisis that immediately forced over 14,000 students attending Historically Black Colleges and Universities (HBCUs) out of school. Now we have an increase in Federal College Loan interest rates that will affect the college dreams of millions come this Fall."

In 2010, President Obama signed legislation to expand college access for millions of students by revamping the federal student loan program in what he called "one of the most significant investments in higher education since the G.I. Bill."

However, and without warning, this legislation overhauled the federal government's student loan program to include implementing changes to the approval and administration of its Parent Plus Loan program. While the Department of Education has always denied PPL applications (to include parents) with negative credit history, the new changes include reviewing parents' credit history for a period of five years versus 90 days as previously examined.

On July 6, 2012, the President signed the Federal Student Loan Rates Extension, which temporarily stopped the interest rates of federal student loans from increasing. Nevertheless, as Congress adjourned on June 27th, and headed home for the July 4th recess this year, some 7.5 million students with an average of $1,000 in loan payments are now faced with a loan interest rate increase from 3.5 percent to 6.8 percent.

As the federal government stands to gain some $51 billion in profits from student loans this year, all of these changes come on the heels of a sluggish economic rebound. College students [many classified as juniors and seniors] are now forced to watch their college graduation dreams slip away. CNNMoney reported [June 21, 2012] that Black and Hispanic Americans have historically had lower incomes, higher unemployment and less education. Thus, African-American students will be among those hit the hardest as many of them are being denied loans because of their parent's blemished credit histories due to an economic downturn and the higher unemployment rates for African Americans.