[Zhang Fei]

And I am not surprised they default at a higher rate, because banks probably have to lend to them regardless of income, and also because a smaller percentage of blacks who begin college, finish it.

Income had little to do with it. Based on the passage I quoted, the defaulters' debt as a% of income was similar - it's just that black default rates per capita were way higher. Obviously not all blacks welsh on their debt. But the rate is way higher, even for a given level of income, just as for a given income level, an all-black town will have a per capita crime rate several times that of an all-white town.

[rlmorel]

I still think a major component of it it probably has to do with a higher percentage of blacks simply don’t finish college.

[rlmorel]

Ah. I missed this key sentence: “...Black students who graduated...”