As student loan hardships have skyrocketed in recent years, women, especially Black women, have faced larger financial debt burdens on average than their male counterparts, according to a new study.
Women hold approximately $929 billion in student loan debt, nearly two-thirds of all U.S. student loan debt, according to the American Association of University Women.
College students in Phoenix are speaking out about the unaffordability of universities in America.
Arizona State University’s Black African Coalition Content Creator Taylor Jackson said she believes that, although ASU has improved in terms of diversity, equity and inclusion regarding financial aid, it has a lack of financial literacy education.
As a student who has accepted loans, Jackson said she wishes schools provided a course on “how to start paying for your student loans prior to accepting them.”
“College is deemed a necessity, but it’s priced like a luxury,” Jackson said. “It’s kind of unreachable for specifically people of color, so they have to take on those loans.”
Black women owe the largest amount of debt, $41,446.05 on average, followed by white, Hispanic/Latinx and Asian borrowers, the AAUW reports.
Black organizations in Phoenix, such as the Black Mothers Forum, a team of parent protectors, have found solutions for those struggling with student loans.
With a mission to “get educated, get organized and take actions,” BMF has used its platform to connect with school education boards and legislators to advocate for their community, according to Debora Colbert, BMF’s Executive Director and Governing Board Member.
During a BMF meeting on Sept. 12, Colbert provided resources for Black teachers experiencing a student loan debt burden.
“There’s a bill that is on deck right now to amend the Higher Education Act of 1965 and create a teacher, recruiting and retention act for minority teachers,” Colbert said.
Colbert referred to the Teacher Recruiting and Retention Act of 2003, which provides for additional amounts of student loan forgiveness for certain eligible teachers.
Another BMF member, Judge Sharron Sauls, told members “to Google President Obama’s Forgiveness Program.”
The Obama Student Loan Forgiveness Program, also referred to as the Pay As You Earn (PAYE) program, keeps student loan debt manageable and forgives the remaining debt if certain requirements are met.
“If you’re in a social service industry, working for the government, in a service industry like teaching police, nursing, you can get your loan forgiven,” Sauls said.
BMF aspires to help Black students on their journey to college in every aspect from admissions to finances.
“But what I will say, and I have the backing of Dr. Michael Crow, if there is a Black child that wants to go to ASU, you need to let me know,” Colbert said. “If there is a brown child that wants to go to ASU, you need to let me know.”
“If anyone contacts us, then of course, we look at different ways that we’re able to maybe guide them through,” Colbert said. BMF continues to provide resources and guidance at their monthly meetings found on Facebook.
Contact the reporter at mstaubs@asu.edu.
