Student Loan Debt: A Barrier to Building Black Wealth

Thursday, June 24, 2021 | 10 – 11 AM ET

Already working to overcome an insufficient minimum wage and the rising costs of living during a global pandemic, many Black Millennials and Gen Zers also facing crippling student loan debt that is severely hindering the ability to create generational wealth. Nearly 86.8% of Black students have taken federal student loans to attend four-year public colleges compared to 59.9% of white students. The high percentage of borrowers has resulted in high rates of loan defaults for Black students, defaulting at a rate of five times more than white graduates do. The debt Black students generate pursuing a college degree often creates many risks and little reward as Black students annually earn $7,000 less than white graduates, shared in a study by the Economic Policy Institute. The long-term effects of student loan debt have blocked many Black people from being able to fully participate and contribute to our economy. This panel of finance and policy experts will discuss how to build wealth while tacking student loan debt and what loan forgiveness looks like for the Black community.