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Figure 1, Panel A below shows that Hispanic and Asian graduates have debt burdens much more similar to white students.

What are the consequences of these large disparities in debt?

Finding #1: Racial disparities in student debt are larger than previously understood, and have grown dramatically in recent decades.

Four years after earning a bachelor’s degree, black graduates in the 2008 cohort held ,720 more student loan debt than white graduates (,726 versus ,006), on average.[x] In the 1993 cohort, the difference was less than ,000 (,723 versus ,917; amounts adjusted to 2012 dollars).

Importantly, the B&B surveys are linked to administrative NSLDS data on student loan borrowing, repayment, and default rather than relying on self-reports.

In August 2016, the National Consumer Law Center (NCLC)—supported by nearly 40 other public interest groups, including the American Civil Liberties Union (ACLU)—sent a letter to Education Secretary John King demanding the department track and remedy the disproportionate consequences of student loan debt for borrowers of color.[vi] “For nearly a decade,” the letter states, “the Department of Education has known that student debt impacts borrowers of color differently from white borrowers.

This difference represents less than a third (30 percent) of the nearly ,000 black-white gap in total debt that exists four years later.[xii] For blacks, undergraduate debt at graduation accounts for of total debt owed, compared to 62 percent for white graduates.

A full 45 percent of the black-white gap (,094) comes from differences in borrowing for graduate school.

Differences in interest accrual and graduate school borrowing lead to black graduates holding nearly ,000 in student loan debt four years after graduation—almost twice as much as their white counterparts.

While previous work has documented racial disparities in student borrowing, delinquencies, and defaults, in this report we provide new evidence that racial gaps in total debt are far larger than even recent reports have recognized, far larger now than in the past, and correlated with troubling trends in the economy and in the for-profit sector.

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In this report, we present new analyses of restricted-use data from the Department of Education’s Baccalaureate and Beyond (B&B) 93/97 and 08/12 surveys, which follow graduates from the 19 cohorts through 19, respectively.

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