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Student's Loans Debt Diversity Problem

Student Loan Debt's Diversity Problem Student loan debt affects everyone equally, right? Although it's a problem affecting all of America, when it comes to diverse groups, there are much bigger setbacks. The disparity between groups is noticeable: Families headed by black adults 42% who have student loan debt Similar white families 34% who have student loan debt' Just how many students take out loans? 87% Black students who borrow federal student loans to attend a four-year public college. Hispanic students borrow at relatively high rates: Hispanic students that borrow 65% money at public four-year colleges. Hispanic students that borrow money 74% at private four-year colleges“. Undergraduates who take on debt in a year: 44% Female undergraduates who take on debt in a year. 39% of male undergraduates. Two-thirds of $1.3 trillion The amount of outstanding student debt women hold.3 What's Causing the Debt Crisis? Starting out behind These days, many minority students are first-generation: 41% of African-Americans students. 61% of Latino students. Minority household income is lower: $37,565 median income for first-generation students. $99,635 median income for college-educated households6. Despite lower household income, grants and scholarships fall short. 80% Of black, Hispanic and Asian students grants and scholarships do not cover financial need compared to 71% of white students?. Grappling with the pay gap Average amount of outsanding debt paid off between 1 and 4 years after graduation: 38% 31% Men Women Minorities continue to be set back when they enter the working world: 54% 111% Hispanic women were paid just 54% of what men in First-year income taken up by student loan balances for similar roles African-American earned®. women³. The snowball effect of financial strains More debt means more struggles in the day-to-day: 34% 57% 21% of all women repaying student loans reported they were unable to meet essential expenses within the past yearº. Hispanic students that defaulted on their student of black women reported this same experience. loans within 12 years10. Employers Can Help Reverse the Trend Supporting your employees in ways that impact their overall financial wellness is not only the right thing to do, but it's a win-win for your company. 86% 4% employees said they'd stay with a company for at least five years if their employer helped pay down their student loans". employers offer a student loan repayment benefit today, up from 3% in 201512. By working with a company like Gradifi, you can ease the financial burdens of your current employees, while also attracting more diverse talent to your workforce. Here's how: 1 3 Offer and promote a student loan repayment benefit that can help all employees – including groups who struggle most. This unique offering can help motivate and engage employees, which can improve As employee retention and diversity increases, this will help attract more diverse talent to retention rates. your team. This can help to lower their debt burden and improve their financial wellness. e gradıfı A First Republie Company Sources: 1: Urban Institute, a Washington, D.c, think tank http://apps.urban.org/features/wealth-inequality-charts/ 2: https://www.americanprogress.org/issues/education-postsecondary/news/2017/10/16/440711/new-federal-data-show-student-loan-crisis-african-american-borrowers/ 3: https://www.aauw.org/research/de -in-debt/ 4:https://www.valuepenguin.com/average-student-loan-debt 5: American Association of University Women (AAUW)'s "Deeper in Debt: Women and Student Loans" report (2017) https://www.aauw.org/files/2017/05/DeeperlnDebt_ExecutiveSummary-nsa.pdf 6: "The Barriers to Success and Upward Mobility for First Generation Students" https://www.forbes.com/sites/troymarkowitz/2017/08/08/the-barriers-to-success-and-upward-mobility-for-first-generation-students-and-how-to-fix-the-problem/#54cl6b8lcb3e 7: "Advancing Diversity and Inclusion in Higher Education" https://www2.ed.gov/rschstat/research/pubs/advancing-diversity-inclusion.pdf?utm_content=&utm_medium=email&utm_name=&utm_source=govdelivery&utm_term= 8: "The Simple Truth About the Gender Pay Gap: https://www.aauw.org/files/2017/09/TheSimpleTruthFall2017OnePager-nsa.pdf 9: American Association of University Women (AAUW)'s "Deeper in Debt: Women and Student Loans" report (2017) https://www.aauw.org/files/2017/05/DeeperinDebt_ExecutiveSummary-nsa.pdf 10: "Students at Greatest Risk of Loan Default" https://ticas.org/sites/default/files/pub_files/students_at_the_greatest_risk_of_default.pdf 重

Student's Loans Debt Diversity Problem

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