Spooky Season is once again upon us and what better way to usher in this time of terror than with a conversation about the most spine-chilling subject in America. The student loan debt crisis is not an unfamiliar point of discussion within many households across this great nation. This common topic of conversation often sends countless young adults into cold sweats and fits of anxiety – myself included.
In the past eleven years, news stations and publications throughout the United States have provided information on a booming stock market, low rates of unemployment and an improved economy. These improvements have yet to mean an increase in wages or a more promising job market for recent graduates. The reality is, that upon graduation many graduates are living check to check, struggling to pay back their massive student loan debt.
According to an analysis of federal and private loans provided by Forbes, student loan debt in 2019 is at the highest it has ever been with the total number of student loan debt within our country estimated at a whopping $1.59 trillion. Over the past eleven years, federal student loan debt has been the only consumer debt segment that has experienced continuous cumulative growth. Along with a rate of growth at an astonishing 157 percent and expected continued growth of this rate.
Courtesy: Parker Jarnigan
Student loans are being taken out at an unparalleled rate, not only because more American students are in pursuit of higher education, but because the cost of tuition at many American institutions are skyrocketing and college affordability is diminishing. The student loan debt crisis adversely affects students in every segment of our nation but weighs heaviest on students of color as opposed to their white counterparts.
For individuals within black and brown populations, the pursuit of a college education often becomes financially crippling as a result of unmanageable student debt. According to the National Center for Education Statistics (NCES), 86.8 percent of black and brown students borrow federal student loans to attended four-year public universities as opposed to 59.9 percent of white students. This disparity can be linked directly to low income, which as a result of long-standing racism in the United States, the labor market has created a country in which black and brown families are disadvantaged. This disparity, its systematic origins and more were all discussed this past month by political strategist and social advocate, Angela Rye in her primetime news special which aired on BET Networks that examined the current status of student loan debt within our country and its disparaging effect on black and brown student populations. To check out the town hall special, click here and enjoy!
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