“It’s a lot of debt out there. But that debt and the burden of that debt is not necessarily being felt equally. It’s extremely difficult for borrowers of color in particular,” Mark Huelsman, Demos associate director of policy and research, told Yahoo Finance’s On the Move. “Black students are borrowing more often and thousands more for the same degree as white students at private and public college.”
According to the 2016 Survey of Consumer Finances, 16.6% of Black students from middle-class families are far more likely to report a late debt payment. However, the study showed a typical white male student borrower has paid off about 44% of the debt they’ve taken on for school within 12 years after they’ve gone.
“After 12 years, black women and black men, of that matter too, owe more on the debt than they originally took out,” he explained. “That’s pretty devastating.”