Black women owe 13% more than they borrowed, while white men, on average, have paid off 44% of their debt, according to a report released last year by The Education Trust.
Black women, burdened by student debt, say Biden's student loan policy doesn't go far enoughMORE: Black women hold majority of student debt. Some say the loan pause doesn't do enough to help
"Now that I am an established career professional, I know the importance of developing networks, but my parents didn't know to create that foundation so they could say to me, like, 'Hey, I have a friend who has a nonprofit,' or, 'Hey, I have a friend who has a business that you can go to where their starting salary is in the $60s or $70s,'" Moore said."Those networks just didn't exist.
"All of these numbers really demonstrate with a lot of clarity the compounding effect of the wage gap," Martin said."Black women are more likely to have significant student loan debt, in part, because their own mothers are less likely to be able to pay for their college, because they themselves were impacted by the wage gap through their careers. And then when you come out of college with that debt, the wage gap makes it obviously harder to get out of that hole.
"The onus is not just on the borrower, so particularly for Black women being underpaid, I think the answer is to pay Black women more," Williams said."And we can't just talk about how can we fix the student debt crisis without saying we need to fix the college affordability problem."Demonstrators calling for the cancellation of student debt, in Washington, D.C., on June 30, 2023.that aims to revise the government's loan payment system in favor of borrowers.
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