African-American students are paying a big price when it comes to achieving higher education; according to a new report, Blacks acquire the most student loan debt.
The National Center for Education Statistics released new numbers that show how much debt African-American students collect and how the numbers compare to other races, Micreports. Not only have African-American students borrowed more from lenders, only 15.8 percent graduate debt-free, unlike their White counterparts at a high of 32.5 percent. African-American students also graduate with a debt higher than $30,500 at 43.1 percent. White students graduate with that particular debt at 25.4 percent.
While race continues to be a factor when it comes to lingering student debt, wealth has also played a big part in the equation. A 2013 study from The Pew Research Center states the median net worth of a White household in America is $141,900, while African-Americans stand at a staggering $11,000. The numbers reveal why some Blacks take out more money than their White counterparts, leading to a never-ending cycle of debt.
Over the past ten years, bachelor and associate degrees among African-Americans have brought on the most debt. Black associate degree students borrow $2,000 more than White students at 57 percent, while White students stand at 43 percent. Over ten years ago, the difference between African-American students and White students was just 38 to 32 percent.
The lingering feelings of debt transfer into the workplace as well. Borrowers with high debt rate their job satisfaction 11 percent lower than debt-free graduates.
Little has been done to fix the problem, but the numbers do raise fears about college and its lasting effects on a graduate after they turn over their tassel.