Gen Z borrowers may not be aware of programs designed to help ease the pain of paying back student loans. investinyou (In partnership with acorns.)
. The advocacy organization, whose mission is overhauling student debt and higher-education loan policies, polled close to 39,000 student loan borrowers across America in May.
"Covid-19 has only increased the burden of student loans, yet 1 out of 3 borrowers do not even know about the student relief passed by Congress," said Aaron Smith, co-founder of social impact tech firm Savi, which co-sponsored the survey. In contrast, 44% of the youngest respondents said they were unaware of federal help. The lack of awareness among Black Gen Z respondents was even higher, at 46%.
"Black students borrow more often and borrow more money and have more trouble repaying their loans than White peers," said Tiffany Jones, a senior director at The Education Trust.data finds the average loan balance in predominantly Black neighborhoods is $37,000. And, given the high rate of unemployment among Black young adults, "that means they'll have more trouble paying for that college degree at a time when college is more important than ever."
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