Student loan borrowers from mostly black neighborhoods are almost twice as likel...
- Student loan borrowers from mostly black neighborhoods are almost twice as likely to default on their debt as borrowers from neighborhoods that are mostly white, according to research released Wednesday by the Federal Reserve Bank of New York.
Researchers wrote that this could be explained by difference in income, with people from lower-income households being more likely to need loans to pay for school. Still, the differences in borrowing rates were not large enough to fully explain the disparities in default rates and student loan balances.
The average student loan balance in black-majority areas was more than $37,000 at the end of September, compared to an average loan amount of $29,000 for Hispanic borrowers. The research was released alongside the New York Fed’s quarterly report on U.S. household debt, which showed overall debt levels among American households rose 0.7% in the third quarter to a record $13.95 trillion.
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