Twelve years after starting college, the white female borrower has paid off 72% of her loan balance. Over the same time period, the typical Black female borrower's balance has grown by 13%.
"Imagine any financial transaction you make and someone says the price of this thing is $100,000, but you are very likely to pay nothing, but first you have to fill out all these forms."
Proposal to Expand Funding for Low-Income Students; Increased Access to Federal Loan Program
New York, NY — Demos, a national, non-partisan, public policy and advocacy organization, in partnership with twelve national organizations representing students, colleges, consumers, and college administrators, sent a letter to Congress on Wednesday calling for increased investment in college affordability and reducing financial barriers for entry into post-secondary education.
“This is a microcosm of many intra-progressive, intra-left policy debates—whether it’s better to do something universal and achieve something with relative ease or ensure that only those struggling by some definition get relief."
Credit reports and scores control access to public goods people need. Yet, in the midst of a global pandemic and economic collapse, remaking the nation’s credit reporting system is not the top concern.
An executive action for student debt cancellation would provide much needed economic relief to millions of Black and Latinx families in order to avoid financial catastrophe during the continuing global pandemic.
“The student debt crisis is yet another example of the deep and structural racial injustice at that heart of our economy. It prevents Black and Brown families from building wealth and economic power and has undermined the fundamental goal of higher education as a public good."
“The actual dollar amount, it’s hard to put that at a figure that’s enough to help everyone who is struggling. And because of that, I’d err on the side of doing more.”
A collection of contributions from leading student loan experts offering a roadmap for the Biden administration to take immediate action to cancel student debt for millions of Americans.
Report Shows How Crisis Will Continue to Impact Small Business, Student Borrowers, Homeowners
New York — The household economy — especially small business, homeowners and student borrowers — will continue to suffer during a sever tightening of lending credit and capital, in spite of the federal rescue plan, according to a new report by the non-partisan public policy center Demos.
"Black student debtors "are 16 percent more likely to be in default or seriously delinquent than white student debtors; Latino borrowers are 8 percent more likely."
Sergio Ramirez's case, TransUnion v. Ramirez, reveals how credit reporting companies like TransUnion have little incentive to invest in making credit reports more accurate and avoiding serious mix-ups.
Taifa Smith Butler, joins News NOW on Black Women’s Equal Pay Day to discuss why Black women in America have to work 579 days to earn what a white man does in one year and how companies can work to combat this pay disparity and inequality.
