A worker with a bachelor’s degree earns 1.8 times the amount a person with a high school diploma does, while those with doctorates or professional degrees earn more than double, according to the U.S. students have an incentive to borrow because higher education is typically required for the highest-paying jobs. Black, Latinx, and American Indian students are all more likely to default on their loans than white students. Black college students generally take on more debt than white students, and they are more likely to struggle with loan repayment after graduating, in part because they typically have lower levels of family wealth. There is also a racial disparity in student borrowing that many experts say is problematic and the result of decades of systemic discrimination. Private school graduates, especially those who attended for-profit schools, generally have larger debts than those who attended public schools. Students who do not complete their degrees often struggle the most their default rate is three times higher than those who graduate.Īdditionally, the type of institution makes a difference in how much debt is owed. However, borrowers with smaller amounts of debt often have a more difficult time repaying their loans, as higher debt from graduate or professional degrees can pay off with much higher incomes. One-third of the total debt is held by the 7 percent of borrowers who owe more than $100,000. While the majority of college students graduate with less than $20,000 in debt, a small portion of borrowers hold an outsize share of student debt.
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