Monday, August 01, 2016

Student Loan Debt by Race and Hispanic Origin

Thirty-one percent of Americans aged 25 to 55 have student loan debt, according to an Urban Institute analysis of the Federal Reserve Board's 2014 Survey of Household Economics and Decisionmaking. Seven percent have debt for a child's or grandchild's education. Blacks are significantly more likely than other race/Hispanic origin groups to have student loan debt, and their loans are larger. But they are not significantly more likely to have debt for a child's or grandchild's education.

Percent of 25-to-55-year-olds with any student loan debt
Blacks: 39.2%
Hispanics: 29.6%
Non-Hispanic Whites: 30.5%
Other race/ethnicity: 23.8%

Percent of 25-to-55-year-olds with student loan debt for child's/grandchild's education
Blacks: 9.1%
Hispanics: 7.6%
Non-Hispanic Whites: 6.9%
Other race/ethnicity: 3.9%

Average amount of all student loan debt for 25-to-55-year-olds with debt
Blacks: $43,725
Hispanics: $32,075
Non-Hispanic Whites: $31,367
Other race/ethnicity: $27,106

Source: Urban Institute, Racial and Ethnic Differences in Family Student Loan Debt

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