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(New York, NY)- During the next few weeks thousands of students across the country will graduate from college, an accomplishment that used to symbolize a step toward financial independence and entry into the middle class.
The nation’s yawning wealth gap is a major reason why minority students end up borrowing more for college. Structural racism has created disparities in home ownership rates, income and other wealth-building vehicles, providing minority borrowers with fewer resources to tap to pay for college, on average.
In 1965, President Lyndon Johnson vowed that no student wishing to attend college would "be turned away because his family is poor."
Half a century later, a shift in the way college is funded and the declining fortunes of minorities and poor families since the recession have created a college-debt system that the left-leaning think tank Demos calls "deeply biased along class and racial lines."
Because college is increasingly financed by debt taken on by students, it's creating a system that's impacting differen
Most students go into debt to pay for college. And while no one wants to be in the red, a new report from left-leaning think tank Demos argues that the increasingly debt-financed higher education system in the United States is especially harmful to low-income, black and Latino kids.
The most important fact about higher education is that only a minority of people go to college. That fact would change if college was affordable for more people.
Demos, the New York-based group, began monitoring North Carolina about a decade ago because it spotted a drop-off in public assistance registrations. Gary Bartlett, the State Board of Elections director at the time, was eager to attract more voters, said Stuart Naifeh, an attorney with Demos.
“He was as dismayed as we were about the low rates,” Naifeh said. “He wanted to work with us to improve that.”