Student loan borrowers from mostly black neighborhoods are almost twice as likel...
- Student loan borrowers from mostly black neighborhoods are almost twice as likely to default on their debt as borrowers from neighborhoods that are mostly white, according to research released Wednesday by the Federal Reserve Bank of New York.
Researchers wrote that this could be explained by difference in income, with people from lower-income households being more likely to need loans to pay for school. Still, the differences in borrowing rates were not large enough to fully explain the disparities in default rates and student loan balances.
The average student loan balance in black-majority areas was more than $37,000 at the end of September, compared to an average loan amount of $29,000 for Hispanic borrowers. The research was released alongside the New York Fed’s quarterly report on U.S. household debt, which showed overall debt levels among American households rose 0.7% in the third quarter to a record $13.95 trillion.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Judge dismisses Trump lawsuit against NY officials, House committee over taxesJUST IN: Federal judge dismisses Trump lawsuit against New York officials and House committee, issuing another blow to Pres. Trump and his ongoing effort to avoid having his tax records turned over to Congress.
Read more »
Judge dismisses Trump lawsuit against NY over tax returnsA federal judge in Washington has dismissed a lawsuit from President Donald Trump against New York officials aimed at preventing the release of his tax returns. The judge ruled that the U.S. District Court in Washington, D.C., does not have jurisdiction to hear the case. Trump sued New York&39;s attorney
Read more »
Rep. Peter King, longtime N.Y. congressman, latest in slew of GOP retirementsNew York Rep. Pete King announces that he is not seeking re-election to congress in 2020
Read more »
The Milky Way's black hole kicked a star out of our galaxyAstronomers have spotted a star speeding through our galaxy at more than 3,728,227 mph. And in 100 million years, it will leave the Milky Way for good.
Read more »