Black College Students Facing Financial Troubles Due to Covid-19 — swagher

81% of full-time college and university students are facing financial difficulties due to the current coronavirus pandemic, with more than a quarter having trouble paying bills or feeding themselves, according to a new report from student debt resource platform Student Loan Hero. Some of the most alarming data in the report suggests that the current coronavirus pandemic may…

Black College Students Facing Financial Troubles Due to Covid-19 — swagher

To cope with some of the unique challenges facing full-time college students during this global health crisis, more than one-third of students (36%) are taking on additional debt. Over 17% reported amassing credit card debt, and 16% said they had to borrow additional student loans.

Student loan borrowers (47%) were more likely to take on additional debt than those without student loans (19%). And students who identified as either black or Hispanic were much more likely to be taking on debt (48%) than white students (29%).

Additional Key Findings

• Higher levels of food and housing insecurity due to the global health pandemic are affecting Black (33% and 22% respectively) and Hispanic students (36% and 18% respectively), compared to their white counterparts.
• About 1 in 4 students lost their job due to the COVID-19 outbreak.
• More than one-third of students are taking on debt to cope with losses caused by the pandemic. Over 17% reported amassing credit card debt, and 16% said they had to borrow additional student loans.
• Black and Hispanic students were much more likely to be taking on debt (48%) to deal with the crisis than their white peers (29%).
• Almost half (49%) of graduating seniors think the pandemic will impact their chances of finding a job after graduation. And nearly 51% of all students said they felt less prepared to enter the workforce because of COVID-19.
• Most students (77%) want at least partial student loan forgiveness from the government. This number was higher among women than men (81% versus 74%) and highest among student loan borrowers (84%).