Black Americans have been hit especially hard by the student loan crisis, meaning they have a lot to lose if the Biden administration's forgiveness plan fails.
"Student loan debt is both a product of the racial wealth gap and a tool that exacerbates racial inequality," saidIn 2018, around 40% of Black college graduates said their student debt delayed their ability to buy a home, compared to 34% of their white peers, Kantrowitz found.— and for preying on people of color.
"For-profit schools disproportionately target Black and low-income students across the country," Herbin said. Nearly 18% of Black undergraduate students enroll in for-profit colleges, compared to closer to 11% of white undergraduate students, according to Kantrowitz. "Black students are more likely to enroll in for-profit academic institutions with lower degree completion rates," Herbin said. "Therefore, they often are forced to repay debt for higher education that did not increase their job prospects."
In the 12 years after entering college, nearly half of for-profit students defaulted on their student loans,
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