Student Debt is Harming the Mental Health of Black Borrowers — Cynthia Plouché
“Approximately 45 million Americans carry $1.7 trillion in student loan debt, but the financial challenges facing Black borrowers are numerous. This debt burden has far-reaching financial consequences, and research also shows that student debt contributes to poor mental health.”
The Education Trust has supported extensive research related to student loan debt and I thought it timely to share the piece titled Student Debt is Harming the Mental Health of Black Borrowers by Victoria Jackson and Jalil B. Mustaffa. The article posed eye-opening statistics and information about the level of student loan debt carried by Black borrowers and how that affects the mental health of these borrowers.
“Because of systemic racism, the inequitable distribution of wealth, a stratified labor market, and rising college costs black borrowers are among those most negatively affected by student loans.”
“As further noted by their research, “Black students are more likely to borrow, borrow more, and are more likely to struggle with repayment than their peers because they collectively have fewer resources due to the generational and ongoing effects of structural racism.”
“Policymakers have the opportunity to make post-secondary education more affordable and more widely available. Affordable higher education benefits the individual and the overall economy. Providing the beginning of a generational wealth building.”
Moreover, as stated in the article, data based on surveys of 8400 young adults from the National Longitudinal Study of Adolescent Health, research by The Education Trust, and other organizations have shown that debt is linked to poorer mental health including increased rates of depression, anxiety, and stress.
The article concludes by suggesting policies which can address the challenges associated with student debt as well as mental health and well-being of black student borrowers.
You can read the original article here.
