According to a 2016 Brookings Institute report, Back students on average owed $7,400 more than white and other POC counterparts upon graduation. Another study conducted in 2018 also found Black students held 85.8% more debt than white students. As economic resources become more scarce under the COVID-19, or novel coronavirus, pandemic, many are looking for more financial resources to help them ease their debt. Finance expert Dr. Tisa Silver Canady is bringing her answer to the problem with a new book meant to help Black student loan borrowers.
The financial wellness advocate is helping more student loan borrowers get control of their debt with the release of her new book, Borrowing While Black, which discusses different ways for Black and other marginalized groups to take control of their debt.
“Not everyone is good at virtual studying, not everyone has a strong Wi-Fi connection, not everyone has a quiet space to learn,” Dr. Canady said in a press statement.
“The pandemic is absolutely going to affect the success of students, and any disruptions stand to affect Black students even more because they are already more vulnerable. It may mean they have to repeat classes, stay in school longer, and ultimately end up borrowing more.”
Dr. Canady went on to explain how this knowledge is more critical than ever amid the COVID-19 pandemic which has displaced numerous college students around the country and leaving graduates with little income to pay back their debt. “COVID-19 could really exacerbate the student loan crisis for Black borrowers because we typically borrow more and graduate less,” Dr. Tisa added. “Black students cannot afford to ignore their student loan debt situation during this pandemic.”