Family Finances

Majoring in Debt: Why Student Loan Debt is Growing the Racial Wealth Gap and How Philanthropy Can Help

January 28, 2021  • Karen Biddle Andres, Raquan Wedderburn, Financial Security Program & Asset Funders Network

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More than 44 million people in America have taken on student debt to pursue a post-secondary education. These borrowers collectively owe around $1.6 trillion in student loan debt. Borrowers exist in every community, but some are particularly vulnerable to its impact.  Women hold two-thirds of all outstanding student debt and Black and Latinx borrowers disproportionately struggle with repayment.

The problems that emerge from carrying student loan debt are systemic and have consequences not only for borrowers and their households, but also their communities, their states, and the nation’s economy. But these problems are solvable.

This is the second installment of Asset Funders Network’s three-part series on consumer debt.

Click here to access the webinar and related slide deck.