Rachel Louise Ensign
speaker
574 appearances
12 recordings
1 series
first heard Jan 2018
last heard Jan 2024
Rachel Louise Ensign’s voice in public audio — every appearance, attributed to the second.
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Appearances
So
A black millennial who went to college has a much lower net worth than a black boomer in their 30s, you know, really at the same age 30 years ago who also went to college.
Well, black millennials are more likely to have student debt than white millennials, much more likely, in fact.
Over 80% of black millennials, these are people in their 30s, many people pay off their student loans by that point.
So over 80% of black millennials in their 30s still have student debt.
And it's pretty significant at that point still, about $44,000 is the median.
And white millennials obviously also struggle with debt, but it's less critical of a situation with white millennials.
And basically, this just is a factor that weighs very heavily upon net worth.
It's very difficult to build wealth if you have $44,000 in student debt.
College costs are a huge factor here.
So obviously college costs have risen pretty dramatically over the last few decades.
They've risen more rapidly than inflation, than wages.
You know, people's salaries struggle to keep up with this and it makes it difficult to pay for their children's education.
In black families, it's particularly acute.
Black students are a lot less likely to get financial help to pay for college than white students are.
And therefore, even if they're getting a little bit of help, they often have no choice but to take on debt to go to school.
And if you're going to a four-year university and you're living there, even if it's a public school, the cost is quite significant these days.
So a study published by the St.
Louis Fed said that about 64% of white families contributed to their college education of their children financially.
And they contributed an average of almost $73,000.
Showing 321–340 of 574 · page 17 of 29
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