Who has the most student loan debt by race? Black adults are more likely to have student loan debt than those in other racial or ethnic groups. They are more likely than white adults to hold student debt at every level of educational attainment.
By midcareer, these differences are even starker: Black borrowers are 26.6 percent more likely than White borrowers to have student debt remaining, and, among midcareer debtors, Black borrowers owe 38.7 percent more than their White counterparts.
Black and Latino borrowers are disproportionately impacted by student loan debt. Due to racial wealth disparities, most Black and Latino college students come from low-income backgrounds and can count on only a fraction of the financial support.
Approximately three-quarters of Black- and White-headed families have debt, but the median debt-to-asset ratio is 50% higher among Black than White families (Copeland, 2020), with Black borrowers less likely to fully repay loans (Brevoort et al., 2021).
Student Loan Debt by Race and Ethnicity
40% of Black graduates have student loan debt from graduate school, while 22% of White college graduates have graduate school debt. Over 50% of Black student borrowers report their net worth is less than they owe in student loan debt.
Higher percentages of Black (88 percent) and American Indian/Alaska Native (87 percent) students received grants than students who were of Two or more races (79 percent), White (74 percent), and Asian (66 percent).
Among student borrowers, women take out an average of $31,276, while men borrow an average of $29,270, according to a 2021 data analysis by the American Association of University Women. Black women owe a disproportionate amount of student debt.
64% of all student loan debt belongs to women. The average student debt for women in the U.S. is $31,726. Women have a median annual salary of $56,170 following college graduation, which is 26% of what men can expect to earn following graduation.
Low-income, first-generation college students, independent students, and borrowers who are Black, Hispanic or Native American are more likely to borrow larger amounts and face greater difficulty repaying their loans. Female graduates are also more likely to have student loan debt and typically earn less after ...
That not only affects your financial health but also your mental health.” That distraction can make it difficult for current students to concentrate on their studies. And for graduates in debt, the mental energy used on loan repayment plans and budgeting can negatively impact relationships.
The Black-white income gap has persisted and grown since 1970, from a gap of $23,700 in 1970, when the median income for a Black household was $30,400 compared to $54,100 for a white household, to $33,000 in 2018, when the median income for a Black family of three was $51,600 compared to $84,600 for a white family of ...
The Black Business Loan Program provides loans, loan guarantees, or investments through Loan Administrators to black business enterprises that cannot otherwise obtain capital through conventional lending institutions but who could otherwise compete successfully in the private sector.
Cancelling student loan debt may reduce unemployment by adding up to 1.5 million new jobs. Federal student loans represent 90.8% of all student loan debt, public and privately held ($1.77 trillion total).
Overview. Black and Hispanic or Latino student loan borrowers are more likely to have difficulty repaying their loans than their White peers, according to a significant body of research.
The Gen X debt situation
The cohort also has the largest share of people with debt, nearly 99% carry some type of balance, LendingTree found. Gen Xers led the way in three of the four categories analyzed. The group — between 44 and 59 years old — has the highest median credit card, auto loan and student loan balances.
Women are stereotypically seen as irresponsible spenders, but the data doesn't back this up. According to a 2019 Experian study, men carry more debt than women across nearly all categories, including credit card debt — the study found that men have $125 more in credit card debt than women on average.
Households with a Black householder were more likely than those with a White householder to have unsecured debt (61.3% vs. 53.4%), especially student loan (25.8% vs. 17.2%) and medical debt (22.5% vs. 13.4%).
Billionaire Robert F. Smith pledged to pay off student loans for every member of Morehouse College's graduating class. The Ivy League-educated business leader made his fortune investing in software firms and other tech companies.
Black Americans donated a higher percentage of their income to religious congregations and secular causes in 2018 than all other racial groups, except for White Americans. The main findings of this report are based on the Indiana University Lilly Family School of Philanthropy's Philanthropy Panel Study (PPS).
In 2022, the college enrollment rate for 18- to 24-year-olds was higher for those who were Asian (61 percent) than for those of all other racial/ethnic groups: White (41 percent) Two or more races (36 percent) Black (36 percent)