Racial gaps in pay and wealth make student loan repayment particularly difficult for black borrowers. In 2020, black workers aged 25 to 64 who had a bachelor’s degree or higher and worked full time and full year had a median income of $65,135, compared to $77,162 for white workers with a bachelor’s degree. baccalaureate. In fact, black workers need a professional degree to earn more than white workers with a bachelor’s degree. The racial wealth gap is even larger than the racial wage gap, and the former reflects the accumulated negative effects of centuries of systemic racism, which include but are not limited to slavery, Jim Crow laws, redlining, loan discrimination and labor market and wage discrimination. In 2019, the median black household had just $24,100 in wealth next to $188,200 for the median white household.
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