GAINESVILLE, FL. (EEF News) We are not surprised by the Supreme Court’s decision to block President Biden’s student loan forgiveness plan. However, it is unfortunate because not only would this relief have helped to reduce student loan balances, but it would also have improved our economy, resulting in increased consumer spending, and financial stability. Individuals who owe tend to prioritize paying their loans back instead of saving and investing, starting businesses, and buying homes; this terrible ripple effect hurts all of us, not just the borrowers. We have to reflect on the students who had to borrow money to attend college in the first place. They likely attended because they wanted the training to get a job to better themselves, their families and give back to their communities.
Forbes reports, “Borrowers collectively owe more than $1.75 trillion in total student loan debt, with the average borrower owing $28,950 individually. America’s racial wealth gap means that the student debt burden falls disproportionately on students of color and their families, with long-term implications.”
The AAUW states, “Women hold almost 2/3 of the country’s $1.54-trillion student debt: $929 billion. Women earning a bachelor’s degree graduate owing an average of $2,700 more than their male peers. Student debt is the second-highest source of household debt after housing. Women take about two years longer than men to repay student loans. When women graduate from college, most face a gender pay gap — which compounds as they age. This makes paying off their larger share of student debt even harder.”
We understand that student loan debt can be a significant financial burden for many students. According to recent statistics, four years after graduation, 48% of Black students owe an average of 6% more than they borrowed. “The typical Black borrower still owes 95% of the original cumulative balance after 20 years in repayment and four years after graduation, 48% of Black students owe an average of 12.5% more than they borrowed,” UNCF.
Although most college students take out student loans, women and people of color are more likely to have student loan debt—and higher balances—than their white male counterparts.
Average Student Loan Debt for Men and Women
- 47% of women hold student loan debt
- 40% of men hold student loan debt
Source: Federal Reserve of St. Louis
Average Student Loan Debt by Race
- 50% of Black adults have student loan debt, with an average balance of $9,800
- 44% of white adults have student loan debt, with an average balance of $8,700
- 37% of Hispanic/Latino adults have student loan debt, with an average balance of $7,000
This is why The Education Equalizer Foundation originated. Our method prepares students to get accepted to college and acquire scholarships to afford college.
However, we need your support. Consider volunteering, donating, or simply spreading the word to the middle through high school students in your area so that every child who wants to attend college can attend college. And every child needing financial assistance is educated about scholarship, work-study, and internship/externship opportunities. Now is the time to support The Education Equalizer Foundation!
EEF About Us
The Education Equalizer Foundation works with middle through high school students and their families to demystify the college admittance process and provide scholars with the necessary tools to graduate.
EEF Giving Statement
We are a 100% volunteer organization with no full-time staff. Last year, we helped over 100 students get assistance with college preparedness. This year, we will help 150 students. It costs $6.00 a day to provide services to one student. Give today.
Thank you to the following organizations for sponsoring The Education Equalizer Foundation.
The Wagmore Foundation