Student loans are a 'lifetime sentence' that 66% of Black borrowers regret taking on
falls on the shoulders of 45 million Americans, but it disproportionately burdens Black borrowers. A new report found the majority of those borrowers wish they never took out a loan in the first place.
The Education Trust, a nonprofit that advocates for student success, launched the National Black Student Loan Debt Study last year. They ran a nationwide survey of nearly 1,300 Black student-loan borrowers, mostly four-year degree holders making over $50,000 annually.
"More than half of the Black borrowers in our study said they do not believe that student loans advance racial equality for Black borrowers or increase Black borrowers' ability to build wealth ," the report noted, adding that many borrowers viewed their debt as a"lifetime sentence." The report also analyzed the impact of the income-driven repayment plan on Black borrowers, which is supposed to set monthly payments for borrowers based on what is affordable for their incomes and family sizes, with any remaining student debt being forgiven after a set number of years in repayment.
But, as the report noted, of the 2 million who became eligible for forgiveness under IDR plans in 2019,actually received it. The failures of IDR especially hurt Black borrowers — 72% of those surveyed were under the income-driven repayment plans. Of those surveyed borrowers, 71% of them said they had trouble affording a savings account, and 67% reported the loans having a negative impact on their mental health. with President Lyndon B.
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