Half of recent black graduates have student loans totaling more than $25,000, according to a recent Gallup survey of 30,000 graduates.
While 35 percent of all recent graduates since 2006 have loans totaling more than $25,000, that figure jumps 15 percent higher among black grads. Hispanics carry about the same level as white grads, though a higher percentage of hispanics hold some level of student debt.
Gallup says $25,000 of student debt “is the level at which [a] debt burden appears to have a more serious impact on graduates’ lives.”
The Gallup data shows nearly half of those with student loan debt have delayed going to graduate school because of the debt. 36 percent have delayed buying a home, 33 percent have delayed buying a car, and 19 percent have delayed starting a business.
The same Gallup study also showed that graduates with more debt were less likely to think their education was “worth it.”
For years, politicians have marketed our college system to be a way to empower those left behind in America’s economy, but with these figures, it appears the current system may be hurting those it is designed to help.
