Understanding the Impact of Student Loan Debt on Black Students
While it is common for most students to graduate with student loan debt, the proportion of that debt among different racial groups shows dramatic differences. The Education Data Initiative gathered key statistics surrounding the impactful differences between student loan debt for white students and students of color.
- Black students owe an average of $25,000 more in student loan debt than white students after graduation.
- More than half of Black students reported that their net worth post-graduation is less than what they owe in student debt.
- On average, student loan payments after graduation are higher for Black students than white students.
Black Lives Matter Global Network Foundation’s Dedication to Helping Black Students
The Black Lives Matter Global Network Foundation launched a student loan relief fund, specifically for Black students, alumni and dropouts who are overwhelmed with significant student loan debt. The foundation set up an initial fund of $500,000 that was distributed to 500 qualifying students, with relief payments ranging anywhere from $750 to $4,500. These funds are meant to help the recipients lower overall debt ratios and do not have to be used directly on student loan payments.
Robert F. Smith’s Fight For Equality in Educational Support
Robert F. Smith places expanding educational opportunities at the heart of his philanthropic ventures, especially when it comes to supporting students from underserved communities. Smith is Chairman of Student Freedom Initiative, an organization dedicated to helping relieve the burden of student loan debt and providing support programs for college students. Through the work of organizations like Student Freedom Initiative and Black Lives Matter Global Network Foundation, equal access to educational support and ongoing racial barriers are addressed. Student Freedom Initiative, for example, provides the Student Freedom Agreement to qualifying students, which is an income-contingent funding alternative to the traditional Parent PLUS loans.
Learn more about Student Freedom Initiative and what it is doing to support students during college and after by visiting its website.
