Women and people of color are at a significant disadvantage when it comes to student debt in college. In fact, women hold ⅔ of the outstanding student debt in America. Statistically, these groups take on more debt in college and are paid less afterward. There are many reasons this could be. I hypothesize women are in this position due to the fact that they get less sports scholarships, go into lower paying jobs, and are paid less than their male coworkers. I can also assume people of color are less fortunate because systematic racism leaves them at the lower end of the financial spectrum. Also, these groups are more likely to be first generation college students which means their parents may not be able to give them the same knowledge gained through experience.
In the end, the reasons are not as important as your outcomes. It is important to understand that as a woman and/or person of color, you are more at risk for taking on debt and being paid less after graduation, statistically speaking. So I encourage you to do the research, look through this website, use the resources I’ve linked and collected, and to be educated on such an important and impactful decision. My 50% recommendation was built to support students (especially less fortunate students) in making educated decisions in taking on student debt. Hopefully, if you watched my video on the main page, you will also have a better understanding of how much debt you should take on as an undergraduate student.
These numbers are not meant to discourage students from going to college or taking on debt. It is meant to inform these students on what they can do to beat the system. The first step is to understand, and the next is to overcome. Now that you know, it’s time to succeed!
Here is where I found my statistics on the inequality of student debt for women and people of color: https://www.aauw.org/resources/article/fast-facts-student-debt/
NAACP scholarships for people of color: https://www.poisefoundation.org/naacp-scholarships
Minority based scholarships: https://uncf.org/scholarships