6. Student Loan Debt Facts
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× Over 50% of Black student borrowers report their net
worth is less than they owe in student loan debt.
× Four years after graduation, 48% of Black students owe
an average of 12.5% more than they borrowed.
× Native American and Alaska Native student borrowers
owe the highest monthly payments.
× Black and African American student borrowers are the
second-most likely to have monthly payments of $350
or more.
× 69.4% of Hispanic and Latino students who use private
loans borrow $40,000 or more.
7. 7
Impacts of Loans
× Delay getting married and having children due
to student loan debt.
× Put off buying a home.
× work more than preferred.
× regret having taken out student loans to fund
education.
8. Groups Helping to Fix the Issue
CARE Chicago
CARE stands for Credit Abuse
Resistance Education. CARE is
a national non-profit
comprised of professionals in
bankruptcy, financial services,
and business. We volunteer
our time to educate young
adults and others about the
benefits of personal financial
management and the
consequences of credit abuse.
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SDCC
We are a nonprofit
organization that fights hard
on two fronts: one, working
directly with borrowers to help
them navigate the bewildering
and frustrating loan
repayment system – and two,
advocating for lasting and
meaningful change through
advocacy work and the
lobbying of national and state
legislators.
Ramsey Solutions
You have the power to give
your students the tools they
need to win with money now
and for the rest of their lives.
9. My Solution
My solution is aligned with the work going on at Ramsey
Solutions. Financial literacy should be taught from middle
school and onward.
× All schools would be required to incorporate financial
literacy into their curriculum.
× One financial literacy class per school year
× Includis homeschooling.
× Required topics include: credit cards, credit score,
loans, saving, and investing.
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10. Desired Impact
× Starting at a young age will help develop good habits.
× Learning how student debt works can change how
student loans are managed.
× Giving ALL students free tools in a structured learning
environment can prevent young people from creating
money decisions that can have lifelong consequences
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