College Loans: A Dilemma for African Americans

America Student Loans - College Loans: A Dilemma for African Americans

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According to the U.S. Census Bureau, 18 percent of African-Americans 35 years old and older had a bachelor's degree or higher in 2010. Some 1.5 million African-Americans 25 years old and older had advanced degrees in 2010, and 2.9 million were enrolled in college in 2010, a 1.7 million growth since 1990.

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America Student Loans

While the growth in college enrollment for African-Americans over the past decade is impressive, having to rely on trainee loans to attend college presents a challenge for African-American students because they historically have had to borrow more money than their white, Asian and Hispanic peers to perfect college.

The up-to-date doubling of interest rates on trainee loans needed to finance undergraduate and graduate school could slow the enrollment and the graduation rates of African-American students, which will have a long-term consequent on the black community.

In the past three decades, the cost of attaining a college degree has increased more than 1,000 percent. Two-thirds of students who earn four-year bachelor's degrees are graduating with an median trainee loan debt of more than ,000, and 1 in 10 borrowers now owe more than ,000 in excellent college loans.

According to the College Board, currently, more than 80 percent of African-American college students graduate with a significantly higher amount of debt than the 64 percent of white students who graduate with debt. With 4 billion in federal loans and 0 billion in secret loans, trainee debt in America now exceeds trillion.

The College Board also analyzed the association in the middle of trainee debt and race, seeing that black students were more likely than Asians, Caucasians, and Hispanics to have higher debt levels. Only 19 percent of black students graduated with no debt, while the ration of debt-free graduates from other racial groups ranged from 33 for Hispanic students to 40 percent for Asian students.

In addition, a up-to-date center for American advance prognosis on the impact of college instruction planning with trainee debt, on communities of color revealed that among students of color, blacks in particular, are saddled with more trainee loan debt: 27 percent of African-Americans graduating with a bachelor's degree had more than ,500 in debt, while the quantum of students with that level of debt ranged from 9 percent to 16 percent for other races.

Furthermore, with Pell Grants facing cuts, many students of color who rely on these awards to help pay for school will be forced to borrow at even greater rates. This presents a serious dilemma for college students in general. The interest rate trainee loan interest rates doubling from 3.4 percent to 6.8 percent. The other side of this dilemma is the reality of the total indebtedness. According to the College Board, over the last decade, the total amount of Stafford Loan borrowers increased by 95 percent, from 5.4 million in 2001-02 to 10.4 million in 2011-12. The median amount borrowed from subsidized and unsubsidized Stafford Loans combined increased by 8 percent, from ,627 (in 2011 dollars) to ,230 over this decade.

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