![]() The best way to use federal postsecondary educational systems to close racial and socioeconomic gaps in income and wealth is through means-tested grant and loan aid that promote access and completion at high-quality educational institutions rigorous oversight of institutions that participate in federal programs progressive, well-designed and well-administered income-based repayment plans that insulate borrowers whose education doesn’t pay off, and targeted relief to borrowers who can clearly demonstrate that their loans impose significant economic hardship.But the contribution of student loans to the gaps in wealth and income is small, and the effects of loan forgiveness policies on economic gaps is surprisingly unclear. In part because of all this, Black borrowers struggle more repaying their student loans. And Black graduates are rewarded less in the labor market for the degrees they complete. But the key causes of that gap, as it relates to postsecondary education, are that Black Americans are much less like to have the opportunity to go to college in the first place, to attend a high-quality, low-cost college, to complete a degree, and to pursue a graduate or professional degree than their white peers. Racial gaps in lifetime wealth are even larger when measured including the market value of educational attainment. ![]() Across-the-board student loan forgiveness is regressive measured by income, family affluence, educational attainment-and also wealth.
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