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WRITTEN AND CONTRIBUTED BY BLACK WOMEN’S PAC TX
What You Need to Know:
Women hold more than $925 billion in student loan debt, approximately 22% of all student loans.
The looming question for women, particularly Black women, is when will the inequity of debt become an economic agenda item with a relief plan attached? As the reinstatement of student loan debt payments are on the horizon, how will Black women make ends meet with the added monthly payment? According to the Federal Reserve Board’s Survey of Consumer Finances, the average family wealth of a White (non-Hispanic) family is $171,000. The average wealth for a Black family is $17,151. Yes, read that again.
Afflicted with the double wage gap, Black and a woman, coupled with the Black community’s adage, we have to work twice as hard and present with twice as much of what is required. We continue to climb a mountain that continues to grow in debt.
The cost of education increased over 100%, but household income only increased by 14%. Americans are still accountable for the entire exorbitant amount of student loan debt without the income to repay. A degree has become the standard, often a master’s degree, yet the economy is not keeping pace with this model. When did it become normal for institutions to continually dump profit and sustainability on the backs of low and middle-income families?
“Trying to get ahead and or stay afloat has become big business. We deserve better,” says Tracy Scott, president of Black Women’s PAC. “Government can increase pay, regulate debt, and cap increases. Elections are coming. Vote for candidates who will change your life, then hold them accountable.” (READ MORE)
