Thurgood Marshall Launches Student Loan Repayment Support Campaign
Debuts tools to help HBCU student navigate federal loan repayment
The Thurgood Marshall College Fund will today announce a national initiative designed to increase awareness about student loan repayment options for alumni of historically black colleges and universities.
The #intheblack campaign will offer resources to assess debt, find and apply for debt relief programs, and to calculate the number of years necessary to eliminate college debt. TMCF officials say the program introduces a much needed perspective into what is a national $1 trillion conversation.
“The average student graduates with more than $30,000 in debt,” said Johnny C. Taylor, Jr., President & CEO of the Thurgood Marshall College Fund. “TMCF has historically worked with our partners to provide financial literacy to college students; however, there aren’t many discussions around student loan repayment. Through this campaign, we will be able to direct students and their parents to a resource that will answer their questions and provide guidance on how to responsibly navigate the student loan debt repayment process.”
A recent study revealed that African American students owe 68 percent more in loan debt than white college graduates, primarily attributed to persistent gaps in income and employment between black and white households.
In 2013, research showed that 42 percent of black families owed loan debt compared to just 28 percent of white households.
African Americans have to take out college loans at a much higher rate than whites do. This puts them on a steeper path…www.theatlantic.com
The initiative’s official kickoff will be held next month during a financial literacy conference held for 50 HBCU students in Washington D.C.