Student Loan Debt for Black Americans Term Paper

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Canceling Student Loan Debt for Black StudentsStudent loan debt problem is one of the major social issues in the United States education sector. This problem is fueled by various factors, particularly the fact that tuition fee is outpacing the ability of students to pay. In addition, the percentage of students taking out loans to finance their education continues to increase rapidly. Therefore, policymakers and stakeholders within the education sector are looking for solutions to address the student debt crisis. Many researchers and experts contend that canceling these debts is a suitable solution to addressing the crisis. However, Black students are seemingly disadvantaged in efforts to cancel student loan debt largely because of past discrimination. This paper explores canceling student loan debt for Black students as one of the ways to promote social justice in higher education.Social Justice in Higher EducationThe field of education has experienced tremendous changes in the recent past due to various factors including technological advancements and globalization. The adoption of technology into education has generated new educational practices. According to Strait & Nordyke (2015), online learning and service-learning are some of the fast-growing educational practices that have emerged in recent decades. While contemporary educational practices continue to attract the attention of learners and educators, promoting social justice in higher education remains a major issue. Students are faced with different contemporary problems that contribute to social justice issues in education. Social justice in education basically refers to creating educational environments that support all students equitably regardless of their gender, ethnicity, race, religion, and learning capabilities. In essence, social justice in education implies that all students have equal rights and opportunities regardless of their individual differences and uniqueness (Hlalele, 2016).Social justice issues are evident in different areas including university/college access programs and access to funding. Learning institutions are increasingly concerned with social justice problems because of their impact on students’ overall learning experiences and outcomes. As a result, higher education institutions like DePaul University are committed to promoting social justice in their learning environments. Social justice is aligned with the mission of DePaul University as reflected in its commitment to uphold the dignity of all its members. This learning institution recognizes the diversity of all its members and remains committed to creating an inclusive community. By remaining committed to creating an inclusive community, the university seeks to ensure that all its members including students have equal rights and opportunities. Moreover, the institution’s promotion of social justice is reflected in its commitment to providing equitable solutions to social and environmental challenges.Student Loan Debt CrisisStudent loan debt crisis is one of the major social justice issues facing higher education institutions in the United States. At the heart of this problem is the unfair distribution of resources and inequitable treatment of students. According to Looney & Yannelis (2015), the total outstanding federal student debt quadrupled between 2000 and 2014 to exceed $1.1 trillion. During the same period, the number of student loan borrowers was 42 million, which was more than double. The default rates also increased to reach the highest levels in two decades during this period. As a result, the increase in student loan debt and default rates have become widespread and attracted concern within and outside the educational sector. Policymakers and other stakeholders have become increasingly concerned about the widespread impact of student loan debt on the lives of young Americans. Given the increase in student loan debt, the number of borrowers, and default rates, there is a crisis in student loan debt.However, the high default rates are expected to decrease in the near future because of various factors including increased scrutiny, a reduction in the number of non-conventional borrowers, and policing of for-profit institutions (Looney & Yannelis, 2015). It is expected that many borrowers facing economic hardships will avoid default in the near future because of increased enrollment in income-based repayment programs. This implies that favorable economic conditions are expected to help address the student loan debt crisis by contributing to the decline in the rates of default.Despite these expectations, recent trends and statistics show that student loan debt remains a major social justice issue in higher education in the U.S. Ulbrich & Kirk (2017) noted that this debt surpassed $1.3 trillion in 2017 and continues to rise by the minute.

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Tuition increases and students’ limited ability to pay have played a major role in this crisis. The high levels of student indebtedness continue to have significant impact on their lives. The rising student debt affects students’ career choice and results in diminished quality of life. Additionally, students are forced to contend with delayed progress in achieving their personal financial goals and are unable to give back to their society.Student Loan Debt Among Black StudentsStudent loan debt crisis affects all students regardless of their race, ethnicity, gender identity, and sexual orientation. However, some groups of students are disproportionately affected by this problem compared to others. Black students are among student groups who are disproportionately affected by the student loan debt crisis compared to other groups, particularly whites. Geiman & Taylor (2022) note that the student loan debt crisis is particularly dreadful for Black students compared to their white counterparts. Recent trends indicate that Black degree-seekers are more likely to take out loans to cater to the costs of their higher education than white students. As a…

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…proved futile as systemic racism is still evident centuries later. The cancellation of student loan debt for Black students would mark a significant step in providing some form of reparation for African Americans. It would play a significant role in addressing systemic racism and wealth inequality in American society. This implies that the cancellation of student debt for this population would promote social justice among Black students who have been disproportionately harmed by the failures of higher education policy.Black students would significantly benefit from the cancellation of student debt because it would help promote racial justice. Efforts to cancel these debts would represent the focus of policymakers to make racial equity, economic mobility, and income-based gaps in higher education outcomes a top priority. This implies that social justice in higher education would be relatively impossible to achieve without canceling student loan debt for Black students. Currently, the huge student loan debts that disproportionately affect Black students and other lower-income groups exacerbate the deep racial disparities in investment in higher education (The Education Trust, 2021). Student loan debts not only contribute to significant wealth gaps but also deepen racial disparities in higher education. Therefore, cancellation of these debts would lessen racial disparities in investment in higher education and promote equity-driven investments in higher education. Such investments would prioritize Black students and other students from low-income backgrounds.The cancellation of student loan debt for Black students has far-reaching implications that go beyond promoting social justice in higher education. Black students are likely to benefit from the removal of economic hurdles that they face as a result of huge student loan debts. Through cancellation of student loan debts, Black students will have the ability to plan their future and make investments that help create intergenerational wealth rather than struggle with debt. This would in turn enhance their abilities to compete on a level playing field in the labor market (Kuhn, Ellis & Grabenstein, 2022). Consequently, the labor market outcomes of these students would improve resulting in significant economic gains.In conclusion, student loan debt remains one of the major challenges toward the achievement of social justice in higher education. Students from low-income backgrounds, particularly Black students, are disproportionately affected by huge student debts. As the number of student debtors and default rates increases, student loan debt has become a major crisis in the U.S. higher education system. For Black students, this problem can be linked to systemic racism and past discrimination due to slavery. Therefore, addressing the student loan debt crisis is one of the ways of promoting social justice in higher education. Cancellation of these debts for Black students represents a means for achieving social justice in higher education….....

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