Black students take out loans more often, borrow more money and are more likely to fall behind on payments, research shows. Judith Scott-Clayton, a professor at Columbia University, found that before the pandemic, nearly half of Black borrowers experienced defaults within 12 years of starting college.
A yawning wealth gap and the high cost of college have fueled their reliance on loans, while labor discrimination and income inequality made the debt difficult to repay, said Jalil Mustaffa Bishop, an assistant professor of education at Villanova University.
“With Black borrowers, it’s not just that they’re in debt, it’s that student debt pushes them into a negative wealth hole,” Bishop said. “It takes widespread transformative policies to get them out, really just to get them to zero, to even start building wealth.”
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