Debt Diminishes Income and Wealth of Young College-Educated Black Households (6)
• The average indebted young black household with a college degree and student loan debt earns $54,564, $10,000 less than the average young debt-free black household with a degree. Both figures, however, are much lower than the incomes earned by comparable white households with college degrees.
• More than half (54 percent) of young black households ages 25-40 have student debt, yet just 34 percent of young black Americans have a post-secondary degree.
• On average, young black households with degrees and student debt have, on average, negative net worth; their median wealth is -$2,850. This is about $35,000 less than the median wealth of young debt-free black households with degrees, which was $33,000 as of 2013.
• The median net worth of a young debt-free black household was just $4,500 more than that of young indebted white households.