The Economic, Employment, and Empowerment Committee of the NAACP Houston Youth Council will host, $chooling Debt, an advocacy program dedicated to giving college-bound students the knowledge needed to reduce or avoid overwhelming college student loan debt January 16th from 2:00 P.M.- 3:00 P.M. CST via Zoom.
The program will cover three categories:
- Pre-college financial preparation
- Financial management during college
- Post graduate financial planning
“I started this workshop because I’ve known a few first-generation college students who’ve struggled with student loan debt. They didn’t have prior knowledge about finding aid and weren’t able to continue their education,” said Committee Chair, Zipporah Freeman. “This particularly impacts us in the Black community.”
Calls to cancel student loan debt have grown louder in the last couple of years, particularly during the COVID-19 lockdown and the Biden Administration’s decision to pause federal student loan payments through May 1st. Short-term this seems like a good plan, but student loan debt still disproportionately impacts Black borrowers, who hold the most debt across all racial groups.
Young Black adults take on about 85 percent more education debt than their white counterparts and the disparity compounds 7 percent each year after borrowers leave school due to unique repayment challenges, according to a study from the Sociology of Race and Ethnicity journal. This leads to a negative domino effect that impacts their ability to focus on major milestones like saving for retirement, buying a house, or getting married and having children.
“The timing is perfect because this is when students will start filling out the FAFSA to position themselves for grants and scholarships, said “Avelina Holmes, NAACP Houston Youth Council Advisor. “This program is here to empower young people to take control of their future and to get a better head start in their personal and professional lives.”