By Dana Sanchez
Twenty-two percent of student loan borrowers default, and by 2023, that is expected to go up to 40 percent, according to a new report by the Urban Institute, a progressive Washington, D.C. think tank.
Previous research has shown that people of color are more burdened by education debt than whites because they have less parental wealth to draw on and higher rates of unemployment, CNBC reported.
Now the Urban Institute reports that people who default on their student loans are more likely to live in Hispanic and Black neighborhoods.
“More than 1 million student loan borrowers go into default each year. Outstanding education debt in the U.S. has tripled over the last decade and now exceeds $1.5 trillion, posing a greater burden to Americans than auto or credit card debt.”
Student loan debt affects millions of Americans – but it hits people of color harder than most. @SenKamalaHarris & I are calling on @BetsyDeVosED to address the specific challenges communities of color face. We can’t allow student debt to lock black families out of opportunity. pic.twitter.com/cjazUcvTwY
— Elizabeth Click here to read entire article