Race & Economic Disparity
By the end of 2020, federal student loan debt in the United States surpassed $1.7 trillion, increasing by over 100% in the last decade. While this has become a national crisis impacting nearly 45 million borrowers, Black women are the most heavily burdened. A 2020 report by the AAUW indicates that Black women, on average, hold over $37,000 in loans each, compared to $31,346 held by white women, and $29,862 held by white men. As a whole, Black women, despite being the most institutionally educated demographic in the U.S., have a total of $35 billion in student loan debt. Furthermore, 57% of Black female college graduates indicate that they struggle to repay their student loans. While white borrowers are able to pay back an average of 10% of their total student loan debt each year, Black borrowers are only able to pay an average of 4% back, largely due to racial pay disparity.