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College was supposed to close the wealth gap for Black Americans, but student debt disrupted that. 

Sep 14 2021

College was supposed to close the wealth gap for Black Americans, but student debt disrupted that. For the longest time, Black Millennials thought college would get them ahead, but many feel that it’s actually setting them back due to student debt. While higher education has enabled Black graduates to get jobs in the government and corporate America, and to have more money than young Black people without degrees, they’re still behind compared to their White counterparts. According to data from the Federal Reserve, 84% of college-educated Black households in their 30s have student debt—up from 35% three decades ago, when Boomers were at the same age. The younger generation owes a median of $44K—up from less than $6K. In comparison, 53% of White college-educated households in their 30s have debt—up from 27% three decades earlier. The median amount rose to $35K from $8K. According to one researcher: “Not only are Black families pretty far behind, they’ve fallen further and further behind for Millennials. It will be very difficult for these older Black Millennials to build wealth.” YPulse’s finance / spending monitor behavioral report found that 39% of 13-39-year-old Black consumers say they have debt. (WSJ)