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How Income-Driven Repayment Plans Fail Black Borrowers

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Title: How Income-Driven Repayment Plans Fail Black Borrowers
Language: English
Authors: Jackson, Victoria, Mustaffa, Jalil B., Education Trust
Source: Education Trust. 2022.
Availability: Education Trust. 1250 H Street NW Suite 700, Washington, DC 20005. Tel: 202-293-1217; Fax: 202-293-2605; Web site: https://edtrust.org/
Peer Reviewed: N
Page Count: 14
Publication Date: 2022
Sponsoring Agency: TIAA Institute
Document Type: Reports - Evaluative
Education Level: Higher Education
Postsecondary Education
Descriptors: Student Loan Programs, African American Students, Debt (Financial), Racial Discrimination, College Students, Outcomes of Education, Income Contingent Loans, Financial Problems, Loan Repayment, Racism, Loan Default, Grants, State Federal Aid, Government Role, Federal Aid, Minority Group Students
Laws, Policies and Program Identifiers: Pell Grant Program
Abstract: Black students are more likely to take on debt, borrow higher amounts, and struggle with repayment than their peers, because they generally have fewer resources to pay for college, thanks to the ongoing generational effects of systemic racism. This debt burden has far-reaching financial consequences, and many Black borrowers are unable to afford their monthly payments. Federal income-driven repayment (IDR) plans, which are meant to make monthly payments manageable, often do anything but and can be ineffective at reducing a borrower's debt burden over time. This brief looks at the ways that existing IDR plans are failing Black borrowers and highlights the need for Congress and the Biden administration to cancel more student debt, overhaul income-driven repayment plans, double the Pell Grant, and create federal-state partnerships to address affordability in a comprehensive way. It also focuses on the experiences of Black borrowers and the toll the student debt crisis is taking on them. [For a comprehensive report based on the study, see "Jim Crow Debt: How Black Borrowers Experience Student Loans" (ED617539).]
Abstractor: ERIC
Entry Date: 2023
Accession Number: ED626476
Database: ERIC
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  Data: How Income-Driven Repayment Plans Fail Black Borrowers
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  Data: Education Trust. 1250 H Street NW Suite 700, Washington, DC 20005. Tel: 202-293-1217; Fax: 202-293-2605; Web site: https://edtrust.org/
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  Data: Black students are more likely to take on debt, borrow higher amounts, and struggle with repayment than their peers, because they generally have fewer resources to pay for college, thanks to the ongoing generational effects of systemic racism. This debt burden has far-reaching financial consequences, and many Black borrowers are unable to afford their monthly payments. Federal income-driven repayment (IDR) plans, which are meant to make monthly payments manageable, often do anything but and can be ineffective at reducing a borrower's debt burden over time. This brief looks at the ways that existing IDR plans are failing Black borrowers and highlights the need for Congress and the Biden administration to cancel more student debt, overhaul income-driven repayment plans, double the Pell Grant, and create federal-state partnerships to address affordability in a comprehensive way. It also focuses on the experiences of Black borrowers and the toll the student debt crisis is taking on them. [For a comprehensive report based on the study, see "Jim Crow Debt: How Black Borrowers Experience Student Loans" (ED617539).]
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PLink https://search.ebscohost.com/login.aspx?direct=true&site=eds-live&db=eric&AN=ED626476
RecordInfo BibRecord:
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    Languages:
      – Text: English
    PhysicalDescription:
      Pagination:
        PageCount: 14
    Subjects:
      – SubjectFull: Student Loan Programs
        Type: general
      – SubjectFull: African American Students
        Type: general
      – SubjectFull: Debt (Financial)
        Type: general
      – SubjectFull: Racial Discrimination
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      – SubjectFull: College Students
        Type: general
      – SubjectFull: Outcomes of Education
        Type: general
      – SubjectFull: Income Contingent Loans
        Type: general
      – SubjectFull: Financial Problems
        Type: general
      – SubjectFull: Loan Repayment
        Type: general
      – SubjectFull: Racism
        Type: general
      – SubjectFull: Loan Default
        Type: general
      – SubjectFull: Grants
        Type: general
      – SubjectFull: State Federal Aid
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      – SubjectFull: Government Role
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      – SubjectFull: Federal Aid
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      – SubjectFull: Minority Group Students
        Type: general
      – SubjectFull: Pell Grant Program
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    Titles:
      – TitleFull: How Income-Driven Repayment Plans Fail Black Borrowers
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            NameFull: Jackson, Victoria
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            NameFull: Mustaffa, Jalil B.
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