Student debt, a tool that’s supposed to help borrowers access education to build wealth, is widening the racial wealth gap. “This crisis is not the result of choices that black people made... it is the result of choices that policy makers made.'
As a young adult, Kevin Gordon listened to all the messages his parents, community and American society at large were sending him.
But two years after graduating with his master’s degree, Gordon is still searching for a stable job that uses his degrees, like working as an athletic director in a high school or as the head of athletics for a parks department. He also has more than $75,000 in student debt, a sum he recently reckoned with as he scoured his credit report to prepare to buy a car .
“Even if I made $50,000 a year, I eventually would be able to pay off my debt, and wouldn’t have a problem with paying off my debt if that was the case.” “ 21% of black students who graduated with a BA defaulted on their student loans 12 years after entering college. Just 18% of white borrowers who dropped out of college defaulted. ”
“This crisis is not the result of choices that black people made,” said Victoria Jackson, a senior policy analyst for higher education at the Education Trust, a nonprofit focused on equity in education. “It is the result of choices that policy makers made,” she said. Those same dynamics — combined with inequality already present in the kindergarten through 12th grade school system — mean that black students are less likely to get access to the type of wealthy institutions that can afford to provide generous financial aid.
The majority of students enrolled at FCC campuses were black in fall 2018, according to court documents, even though the schools are located in majority white or Latino communities. Earnings for students who attended two of the school’s campuses between 2014 and 2016 ranged from $12,800 and $24,500, the suit alleges. Among students who left the school in 2013 or 2014, 77% were unable to repay even one dollar of their student loan balance, according to court documents.
Racial wealth gap means that black families tend to borrow more But it’s not just the higher education system that’s contributing to the gulf in financial outcomes between black and white students.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Some Americans are more likely to socially distance and wear face masks than others — here’s whyA new study delves into the complex demographics behind people’s behavior during the coronavirus pandemic.
Lire la suite »
Why Do Trump Supporters Act Like His Reelection Is Certain?For reasons varying from a Trumpian infatuation with “winning” to thoughts of contesting a loss, many Republicans act as though it’s a done deal.
Lire la suite »
Why businesses want you sign a COVID-19 waiver, and what it means - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Lire la suite »
Big Brother's Pete Bennett explains why tragic past prompted him to star on showPeter Bennett stole the show on Big Brother Seven, but it was a series of heartbreaks in his personal life - including witnessing the death of his best friend - that inspired him to take part
Lire la suite »