Survey shows student loan holders most likely to be people of color
As Congress and the Biden administration back and forth on whether to cancel $10,000 Where $50,000 student loan debt (even though President Biden said he wouldn’t do more $10,000, potentially), the total $1.7 trillion amount affects 45 million Americans. While many share this burden and seek a solution to abnormally high interest rates, some groups are more affected than others.
According to CNBC & Acorn Invest in Yourself Student Loan Survey, 68 million American adults have student debt. 15% have federal student loan debt, and women and people of color are disproportionately represented in these groups. Momentive surveyed 5,162 American adults online between January 10 and January 13 to get a clear picture.
“Reflecting historical access to capital, more people of color and women have federal student loan debt,” Momentive researchers explain. About 24% of black adults report having federal student debt, compared to 15% of Hispanics, 14% of whites and 11% of Asian adults.
Women (19%) are also more likely than men (11%) to have student loan debt, and this trend can be seen across all races. In fact, survey results suggest that 11% of white men, 17% of white women, 15% of black men, 31% of black women, 10% of Hispanic men, and 19% of Hispanic women have debt. ‘studies.
The Brooks Institute notes that black college graduates owe $52,726 in student debt while white college graduates owe more than $28,006 on average. Data from the National Center for Education Statistics offers more disparities.
Data from the National Center for Education Statistics suggests that black and African American college graduates owe an average of $25,000 more in student debt than white college graduates. Four years after graduation, 48% of black students owe an average of 12.5% more than they borrowed, and 29% must repay a student loan of $350 or more monthly.
Navient is due to cancel $1.85 billion in loans in terms of immediate solutions, and the Biden administration extended federal student loan pause until May 1. These are the only solutions, temporary or permanent, depending on whether you qualify.