Black students are more likely to take on student loans than white students, and also carry the highest levels of student debt across demographics, according to a new report.
Canceling student-loan debt will vastly improve Black student debtors’ lives and address the yawning racial wealth gap, a new report says.
Black students are more likely to take on student loans than white students, and also carry the highest levels of student debt across demographics, they added. They also earn less in the workforce than white peers, “making it even harder for these borrowers to escape from the burden of student loan debt,” they wrote.The “higher education system has not served as a great equalizer to provide populations with lower wealth and lower incomes a path for socioeconomic mobility,” the report stated.
Outstanding student-loan debt currently held by Americans totaled $1.59 trillion as of the first quarter of 2022, according to the New York Federal Reserve. “Democrats win when we deliver, and we have to deliver in ways that are impactful, tangible, and transformative, like canceling student debt,” Congresswoman Ayanna Pressley told Yahoo Finance previously. “This is good policy, and it is also good politics.”According to the report, Black borrowers are not just more likely to miss student-loan payments, they’re also more likely to fall into delinquency and to default on their loans.
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