Further, years after the initial loan is taken out, Black borrowers areof any major racial group to have a loan balance that exceeds the original amount, a Brookings Institute report found in 2021, affecting about 75 percent of Black borrowers versus slightly less than 60 percent of borrowers in the U.S. as a whole.
The persistent and severe wealth gap between Black people and white people in the U.S. is further compounded by student loans. According to , the median wealth gap between a Black and white household in the U.S. is $164,000. The average wealth gap, meanwhile, is a staggering $840,000. Eliminating the gap, the analysis found, would take $15 trillion.is widely read among people with lower incomes and among young people who are mired in debt. Our site is read at public libraries, among people without internet access of their own.
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