According to a 2016 Brookings Institute report,
Returning students owed an average of $ 7,400 more than their white and other POC counterparts after graduation. Another study conducted
in 2018, black students also had 85.8% more debt than white students. As economic resources become scarce under COVID-19, or new coronavirus
, pandemic, many are looking for more financial resources to help them alleviate their debt. Financial expert Dr Tisa Silver Canada
addresses the problem with a new book to help black student loan borrowers.
The Financial Wellness Advocate helps more student loan borrowers regain control of their debt with the release of his new book, Borrow while being black, which discusses the different ways black people and other marginalized groups can take control of their debt.
“Not everyone is good at virtual study, not everyone has a strong Wi-Fi connection, not everyone has a quiet space to learn,” Dr. Canady said in a report. Press release.
“The pandemic is absolutely going to affect student success, and any disruption is likely to affect black students even more because they are already more vulnerable. This may mean they have to repeat a year, stay in school longer, and end up borrowing more.
Dr Canady went on to explain how this knowledge is more critical than ever in the midst of the COVID-19[female[feminine
pandemic that has displaced many students across the country and left graduates with little income to pay off their debt. “COVID-19 could really exacerbate the student loan crisis for black borrowers as we typically borrow more and get fewer degrees,” added Dr. Tisa. “Black students cannot afford to ignore their student debt situation during this pandemic. “