Student loan debt is deepening the racial wealth divide

From University World News: “Last June, a paper prepared for BI by Andre M Perry, Marshall Steinbaum and Carl Romer showed that in 2019, 75% of blacks who took out student loans to finance higher education owed more than they had borrowed as compared with 48% of whites. ‘Black students finance their education through debt, and thus college degrees actually further contribute to the fragility of the upwardly mobile black middle class,’ wrote Perry et al in Student Loans, the Racial Wealth Divide, and Why We Need Full Student Debt Cancellation. … ‘Today the average white family has roughly 10 times the amount of wealth as the average black family, while white college graduates have over seven times more wealth than black college graduates.’ ”

View the full article from University World News.

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