I see the student loan debt discussion is about to be an argument full of misinforamation and direction even from Black people.
I keep seeing two main arguments against:
1. It will widen the wealth gap
2. It only helps privleged Black people. Here's why both of those are WRONG

1. BLACK STUDENTS ARE MORE LIKELY TO BORROW MONEY THAN THEIR WHITE COUNTERPARTS

Almost 90% of Black students take out loans for 4 year college compared to 60% of white students.

But Black students are also less likely to finish school, and 5x as likely to default in 5 years.

That leaves you with a disproportionate number of students who either a. are saddled with debt without the degree, or b. the student loan debt cripples their future buying power.

2. BLACK STUDENTS GRADUATE WITH MORE STUDENT LOAN DEBT THAN THEIR WHITE COUNTERPARTS

The average is ~ 7-8K more upon graduation from a 4 year school, which expands to about a 25K gap due to interest in a few years.

At a graduate school level, Black students have twice the debt

3. FOR PROFIT UNIVERSITIES TARGETED BLACK STUDENTS:

Black students make up 21% of the for-profit system and 13% of the public college system.

But drop-out rates are higher in the for-profit system:

65% of Black borrowers drop out of for-profit universities.

4. THIS CONVERSATION IS CENTERED AROUND 4 YEAR DEGREES. MOST BLACK DEGREE HOLDERS DON'T HAVE 4 YEAR DEGREES

Only around 40% of the degrees Black students get are 4 year. Some accredited trade and technical colleges are also eligible for gov't loans.

Correct, 65% of African American students are financing their education independently AND working/supporting family. They are STILL working/supporting family when they drop out and have that debt to pay.
https://twitter.com/ricki_wells/status/1328752875619512325?s=21 https://twitter.com/Ricki_Wells/status/1328752875619512325

Ok, now let's talk about what happens if Black students DO graduate with a college degree.

Class and race intersect, but race still trumps class.

Due to higher debt, higher likelihood of default, and higher qualifications needed for the same jobs, and the wage gap:

5. BLACK HOUSEHOLDS HEADED BY A COLLEGE GRAD ARE LESS WEALTHY THAN *LESS* EDUCATED WHITE HOUSEHOLDS

6. BLACK COLLEGE GRADUATES HAVE A LOWER HOME OWNERSHIP RATE THAN WHITE PEOPLE WHO DROPPED OUT OF HIGH SCHOOL.

Young Black college grads have a lower FICO score (see: defaulting) than even young white dropouts, higher income but also much higher debt, and less family help.

7. BLACK COLLEGE GRADS ARE LESS LIKELY TO GET MARRIED, AND ALSO LESS LIKELY TO MARRY OTHER COLLEGE GRADS WHEN THEY DO

61% of Black college-educated HH's are led by single BW, and financial support often extends beyond the home to other family, esp for first generation grads.

When Black graduates due marry, due in part to the graduation gap, in part to mass incarceration, in part to *guestures at a multitude of systems* they're less likely to marry other grads. So the households don't get the same dual income boost.

Detractors on the Black side are arguing (although I doubt in good faith) that canceling student debt doesn't help the average Black person, but those that attended but didn't finish, the 2 year or specialized degree earners & those that support their whole family aren't factored

Since not only do Black borrowers carry more student loan debt than their white counterparts, but there's a larger percentage of Black borrowers with debt and NO benefit of DEGREE, canceling student debt frees up a financial burden across the board for Black people.

But lastly, WHY IS THIS CONVO FRAMED AS THOUGH CANCELING STUDENT LOAN DEBT IS THE ONE THING THIS ADMIN IS GONNA DO, LIKE EVER? Administrations can do multiple things at once, and things in succession.

In conclusion: Y'all (fake progressives, real progressives, "Black agenda" folks, general all purpose contrarians) are being loud, divisive and annoying for sport.

Black ppl: Even if it doesn't DIRECTLY help your Black ass, it likely helps someone you know.

White people: The working class includes Black people and they also can have student loan debt.

I FORGOT about Parent Plus loans, thank you.

8. THE LARGEST SHARE OF BLACK BORROWERS FOR PARENT PLUS LOANS HAVE AN ADJUSTED INCOME OF < 30K A YEAR

Unlike other student loans, they aren't eligible for income based repayment. https://twitter.com/Bri_Elyse1/status/1328763527683862536?s=20

Let's also remind everyone just for the sake of being thorough that no federal student loans can be discharged in bankruptcy.

A Quick Recap:

1. Black students overindex in borrowing compared to overall college enrollment, and borrow more than *any* of their racial and ethnic counterparts.

2. They also overindex in drop out rate to do financial stress, lack of support, lack of access to resources.

3. Black students borrow in larger amounts than their counterparts, And are more likely to default.

4. Both the drop out rate (65%) and the default rate (1/3) are higher with for-profit institutions, which Black students attend at a higher percentage than public institutions

5. Only 40% of Black degree holders have four year degrees.

6. Young Black college graduates have less HH wealth than their white counterparts, and fewer are homeowners than white high school grads.

7. Student loans aren't just for students, parents take them, too. And the Black parents tend to be low income.
Black students made up 12% of the national student body last years, but Black parents accounted for 20% of Parent Plus loans.

And as always, your grace with typos is appreciated bc I'm typing fast and autocorrect is a hoe.

And ironically, the same military who didn't fulfill the promise of home ownership for Black servicemen & women still uses tuition payment as a key recruiting tool for Black and low income teens. https://twitter.com/ToriGlass/status/1328800086264930304?s=20

One final topper on this whole #CancelStudentDebt discussion, Barack and Michelle Obama didn't pay off their own student loans until they were in their 40s and Obama was a junior state senator, and then only because of his first book deal. https://www.insidehighered.com/quicktakes/2013/08/27/obamas-own-student-debt-topped-40000-each