A new report highlights the varying ways borrowers experience student debt
The experience of repaying student loans is unpleasant for millions of graduates, but for some borrowers, paying off student debt is an almost insurmountable challenge.
“We think of the ability to pay off student debt as only having to do with student debt,” said Mark Huelsman, associate director, policy and research at Demos and the author of the report. “We know the ability to pay off your loans has everything to do with wages and the ability to gain secure employment, it has everything to do with housing affordability, it has everything to do with child-care costs.
Critics have raised questions about the fairness of these types of proposals to people who scrimped and saved to pay for college or to pay off their student loans. But Huelsman’s analysis hints at the unfairness present in our current system that makes it easier for some to do those things. Other data in Huelsman’s analysis helps to illustrate why that’s the case.White households with a bachelor’s degree have about $400,000 in net worth, compared to $68,000 for black households with a college degree.
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