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Black College Grads Have More Student Loan Debt

President Barack Obama and First Lady Michelle Obama have made no secret of the fact that they only finished paying off their student loan debt a few years ago. For most of us this is a familiar story. But it does come as a surprise to hear that Black bachelor's degree's recipients have more debt than any other group, according to a new report from The College Board Advocacy and Policy Center. In essence 27% of Black graduates had at least $30, 500 in loans, compared to Whites (16%) and Hispanics (14%) Most troubling is that the student loan debt accumulated overall was to pay off tuition at for-profit institutions (think DeVry and Lincoln Tech) instead of a private nonprofit or public colleges and universities. In 2008 53% of graduates from for-profit colleges had debt of about $30,000 or more, compared to 24 percent at private nonprofit college and 12 percent at public universities. Besides looking at public universities as a means to accumulating less debt, should we also be reevaluating how much money we'll be earning upon graduation? Should your students loans exceed your entry-level salary?
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