Too sad to admit, but the situation is the following: by the time the black college grads finally receive their diploma of Bachelor’s Degree, they have also collected a huge debt, which exceed the sum of the loans their white mates face with. According to the statistics, since 2000, 50% of black grads have piled up more than $25 000 in debt! That is compared to the third of their white counterparts who graduate with as much debt. Besides, more than 22% of black college graduates reported on leaving school with 0% of debt, and about half of 39% of whites who graduate with no debt at all.
For a long time higher education has been considered as the best way out of poverty. At the same time, it requires money and sometimes – a lot of money. Unfortunately, many students face with the necessity to get a student loan debt. For black students the education cost is usually greater than for their white colleagues. As a rule, this burden turns their lives in a horror movie and follows them for many years after graduation, reinforcing racial and income inequalities that are really prominent all over the country.
Even the black students who manage to make it to the college of their dreams, usually drop out because of a heavy financial burden that is simply too hard to carry. According to the latest investigations, the most recent college graduation rate for blacks is 20.5%, about a half of the total graduation (39%) rate of the United States of America. It’s not that they are less ambitious than their white mates. The whole point is that usually these students cannot afford to stay in college. The other survey shows that 69% of black college students who do not make it through academic years explain it because of high student loan debt, compared with 43% of their mates with white skin.
An interesting fact is that ladies are more likely to incur students loan than men. Nonetheless, they are 8% more likely to feel emotional disbalance because of it. The thing is that they are more prone to pay the family bills, ladies may be more aware of in what way and to what extent these loans can impact their household finances.
Those lucky guys, who do earn their degree and successfully graduate, do so with a huge debt that will take a lot of years to pay off. The loan debt the black students face with in order to earn the desired degree can have a wide range of lasting effects. A serious depression caused by the multiple bills, the lack of free time to have a personal and social life because of the necessity to work extra hours (to pay those damned bills) as well as lack of sleep and healthy food – these are the essential aspects of post-graduation period that students with debts must cope with.