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Student Loan Debt: Why Black Graduates Bare a Greater Burden

Lynnate Crawford, Staff Writer

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George Mason once said, “We came equals into this world, and equals shall we go out of it.” But maybe not in college. The borrowing of student loans is reaching an all time high with respectively both black and white students.  Alongside student loans comes something everyone is trying to avoid: debt.

One would think that in today’s day in age, college is the last place where inequality would exist; however,  that is the total opposite. According to the Gallup-Purdue index, black college graduates are more likely to graduate from college with more student loan debt than a white college graduate. With this being said, black college students are more likely to take a student loan. But why?

For starters, after high school white students are more likely to attend college and actually graduate. Even though the enrollment rates seems to have risen for black students over the years, the graduation rates remain low. This is because the lack of funds to actually maintain the college education. With no money leads to loans which is why the student loan debt for black students is multiplying.

More than 50% of black graduates take on at least $25,000 or more in loans just to complete their undergraduate degrees compared to 34% of white graduates. The dean of the Woodrow Wilson School of Princeton University, Cecillia Rouse, says, “That borrowing gap is a reflection of other socioeconomic disparities.”

A socioeconomic status is your rank in the world based on your level of education, income and occupation. A disparity is a difference between region of the country. If America is the home of freedom and equal, what socioeconomic disparity do black college graduates have from white college graduates?

The median income for black households is around $34,600 yearly. The poverty rate for African Americans is 3 times as much as the white community. The graduation rate for black students is 20.5% because of these financial burdens. Those who are dedicated and determine to finishing college graduate with debt that’s take years and years to pay off.

College should be every high school students dream, not a money-hungry nightmare. College loan debt in general should not be the problem it is today and it most definitely should not be a bigger burden for certain races to bare. Despite the years of attempts to level out inequalities in the world, it seems we have failed in one of the most important aspects of life: education.

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Student Loan Debt: Why Black Graduates Bare a Greater Burden