CHARLOTTE, N.C. — Whether it’s buying a home, saving for retirement or starting a business, student debt makes it difficult for graduates of historically Black colleges and universities to build wealth after college, a new report shows.
The report, from the Durham-based Center for Responsible Lending, evaluated polling, focus group and public education data to gauge the impact of heavy debt burdens — and relief from them, via the federal pause on student loan payments — on HBCU graduates.
The nearly three-year pause on federal loan payments is set to expire in January. It’s been much needed relief for student borrowers, researchers wrote. But they also found that rising college costs, HBCU under-funding and systemic economic gaps are forcing HBCU students to take on a disproportionate amount of debt, compared to non-HBCU students.
