Student Debt Saps Wealth for Blacks, LatinosAugust 3, 2018 |
by Eurasia Review
Black and Hispanic adults who graduate college owing money on student loans have significantly lower net worth at age 30 than students who don’t borrow to pay for college, a new study suggests.
Black and Hispanic adults in the study who reported having outstanding student loans when they graduated college had $36,000 less in net worth than their peers at age 30, according to lead author Min Zhan, a professor of social work at the University of Illinois. Zhan’s co-author, Xiaoling Xiang, is a professor of social work at the University of Michigan.