Session Title
Accounting, Finance, and Economics
College
College of Arts and Sciences
Department
Social Work
Faculty Mentor
Anthony Hill, Ph.D.
Abstract
African American students from low-income communities who are often plagued with generational poverty have limited options for paying for higher education. Student loans are often the only viable option for this population. These students are less likely to have access to external resources, which furthers their hardship. Loans are an essential tool as a means of receiving higher education. Ultimately, students are forced to choose between borrowing themselves into debt, delaying obtaining higher education, or dropping out due to the financial burden. The literature identifies the consequential effects of student loan debt on African American students On a larger scale, student loan debt hinders economic growth and obstructs future investments, including purchasing a home. Other consequences of student loan debt include impacts on credit, further debt, and loan defaults. The impact of student loan debt needs to be addressed on the micro, mezzo, and macro levels to prevent generations of African American children from falling into debt or delaying their educations. This presentation takes a multifaceted approach to addressing the impact of student loan debt on African American students from resource-limited communities.
Start Date
24-4-2020 12:00 AM
Impact of Student Loan Debt On Low-Income Black Students
African American students from low-income communities who are often plagued with generational poverty have limited options for paying for higher education. Student loans are often the only viable option for this population. These students are less likely to have access to external resources, which furthers their hardship. Loans are an essential tool as a means of receiving higher education. Ultimately, students are forced to choose between borrowing themselves into debt, delaying obtaining higher education, or dropping out due to the financial burden. The literature identifies the consequential effects of student loan debt on African American students On a larger scale, student loan debt hinders economic growth and obstructs future investments, including purchasing a home. Other consequences of student loan debt include impacts on credit, further debt, and loan defaults. The impact of student loan debt needs to be addressed on the micro, mezzo, and macro levels to prevent generations of African American children from falling into debt or delaying their educations. This presentation takes a multifaceted approach to addressing the impact of student loan debt on African American students from resource-limited communities.
