College Loan Defaults: It’s EVERYONE’s Issue

Mariko Chang at The Hill argues that college students will be challenged to pay off student debt, especially for Latinos and African Americans graduates.

The odds of paying off college debt are much tougher for minority graduates, particularly Black men, who face far higher unemployment than their White counterparts. More than 25 percent of Black men younger than 24 with college degrees were unemployed last year, about the same rate as young Black men who were college dropouts.

Black and Hispanic students also graduate with higher debt, including more than half who graduate with unmanageable debt.  Black college graduates are nearly twice as likely as Whites to owe $30,500 or more, according to the College Board.

Chang discusses how for-profit colleges “target” minority students – many of which default on student loans; however, traditional colleges have the same issue. They’re all in the same boat and for-profits shouldn’t be singled out. Have you noted the rise in state college tuition lately?

Moreover, minorities are attracted to for-profits because traditional colleges have yet to provide the same level of access and flexibility these students need.