The racial wealth gap skews financial resources away from our community. According to a Brookings study, white families are more likely to own the assets needed to go to college making it more affordable for them.
Black families often have to rely more on student debt to afford school. According to the Education Data Initiative, 50.8% of Black students use student loans making the high cost of a college education one of the first barriers college-ready Black students face.
Predatory for-profit colleges disproportionately target Black students. These colleges prey on our reliance on federal debt to finance education through government-backed student loans. Black students make up 21% of the population at these colleges today.
Even after graduating, life is not automatically better for Black people. Many hold higher debt balances than their peers and end up defaulting on their loans. Combined with racial discrimination in the job market, it’s hard for Black graduates to find a job and land on stable ground without wealth to fall back on.
College is increasingly becoming less affordable for our community, but it doesn’t have to be the only way for us to get ahead. Alternatives like trade schools, community colleges, and entrepreneurial pursuits can help us deviate from the traditional university path.