Privatize student loans, and lenders will prefer borrowers with good academic records and majors likely to lead to gainful employment.
The "analysis" is Debt to Society.
Maybe white men are most willing to work three jobs for specific financial goals.
How about not encouraging kids to spend money they do not have to obtain a worthless piece of paper? Now if they chose a profession that is actually in demand and a cost benefit analysis shows they will earn back the cost of the paper that may be a different story. More need to become craftsman anyhow money is just as good and you get paid while learning.
The author has the causality arrow reversed.
I would bet, on careful analysis, you would find the degree has much more to do with how much financial benefit they get, than the demographics.
There is an incredible demand for black women with engineering degrees.
My experience is that minorities and women have tremendous advantages in obtaining jobs. It is called affirmative action.
We can’t divorce this conversation from race and privilege,
Holy cow. I paid off my students loans within 2 years of leaving college. And that was on piddly 2nd Lt pay.
What majors do white men take? What majors do black women take? The answer is most likely - make that most certainly - there.
This is 100% bullsh!t.
What this analysis SHOULD have done is add another variable: What were the test scores and admissions standards used to admit these students to college in the first place?
You're seeing a natural consequence of affirmative action in college admissions. Black graduates aren't paying off their student loans because a disproportionate number of them didn't even belong in the colleges and universities that graduated them.
White males, meanwhile, stand in line behind every other racial, ethnic and gender group when it comes to the admissions process -- which means the ones who DO graduate are truly the cream of the crop.
Try normalizing by major and income. Worthless “Studies” majors will pull down the income potential and ability to repay loans and probably moves the averages down for women and minorities. On the other hand a black woman engineer is rare and can make mint from HR departments eager to check off special groups.
The other politically incorrect consideration is differences in attitudes of various ethnic and social groups toward financial responsibility. Many coming from poorer backgrounds tend to have a poor understanding of money management.
Because white men are generally more responsible?
JoMa
I could say, but it would get me labeled as a “racist”......
"What dis sheeatt? Doe know nuffin bout no loan!"
I think Stacey Abrams needs to be part of this discussion. She knows all about paying off debts to the government.
My white son had his student loan paid off within 5 years after graduating. Granted, his wasn’t that large as he was only in debt for just over a year’s tuition, iirc. We paid his first 4 years and he changed his major his senior year, so he was responsible for the additional semesters. It was far sooner than his payment schedule required, and I’m very proud of him for doing it. And, it was a smart decision for him to switch his major because he ended up with a very good job.
My white male son did a few things right.
He majored in an actual field, Astronautical Engineering.
He earned a few scholarships.
He went to a small private college that is fiscally responsible, doesn’t have a big name (outside his field) and no sports teams to suck up money.
He worked summers
He got a job in his field while in school to pay much of the cost.
He limited his debt.
We lent him money but gave him none. We did pay his car insurance and cell bill.
He got a job within two weeks of graduating.
He rents a house with five other guys and lives cheap.
He still drives his 14 year old car.
He paid off his entire college debt, $27,000 within 13 months of graduating.
None of that is privilege. I think the school is about 30% minority with the identical opportunities.
The first problem is getting into debt in the first place. I paid for my children’s college so they would not start off life in debt. A root problem is lack of financial savvy by many parents and their children who don’t save or deal with debt properly. I say that as someone who had nothing and worked for everything I got.
Sounds like a lot of worthless degrees in black studies leads to jobs that cannot pay back student loans.
No big surprise.
I went through 13 years of college without going into debt.
Government-subsidized and guaranteed student loans are NO different from the government-subsidized housing loans of the 2000s. Remember the “Community Reinvestment Act” and how that played-out in terms of political sloganeering and racial pandering ?
When this bubble bursts, the discoveries of corruption, “liar loans,” and gaming the system will be equally surprising to stupid politicians and media.
White men get degrees in engineering, medicine, and business, not Gender Studies, social services and occult Studies .
How fast you pay off debt depends on the marketability of your degree.