8 startling facts that show just how hard the student-debt crisis is hurting black Americans
- Presidential candidate Kamala Harris recently faced backlash over a proposal to close the racial wealth gap by eliminating student debt for some entrepreneurs.
- While many criticized the plan itself, the student debt crisis has disproportionately impacted black borrowers and saddled black students with the most debt.
- Here are eight startling statistics on how much harder the student debt crisis has been for black borrowers compared to other racial groups.
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The racial gap between black and white student borrowers has prompted presidential hopefuls to address the issue. Most recently, Senator Kamala Harris proposed a plan to wipe out debt for minority entrepreneurs. Specifically, Pell Grant recipients who start a business that operate for at least three years in disadvantaged communities would have debts forgiven, as part of a larger initiative to close the racial wealth gap.
She faced backlash, however, due to the many conditions a borrower would need to fulfill before they could qualify. Harris' debt elimination scope is much narrower compared to Elizabeth Warren's, whose initiative would wipe all student debt for 75% of US borrowers. Bernie Sanders, meanwhile, would eliminate all such debt.
Here are eight mind-blowing statistics about the student-debt crisis' impact on black borrowers as compared to white students. (The majority of data sources compared black- and white-borrower debt, which is why other racial groups were not mentioned directly.)