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288 pages, Paperback
Published May 14, 2024
An illustration: my colleague, a young Jamaican immigrant and graduate student, has done and continues to do exactly what McMillan Cottom describes and what the advocates of student loan forgiveness conveniently ignore. He has received tremendous amounts of grant and scholarships that have covered his cost of attendance for his bachelor's, master's and now doctoral degree, but has annually taken out loans for the official total cost of attendance, a widespread practice among African Americans. He invested the money in a CD and used it to purchase a house, which he calls "building wealth." He says the terms are lower than any other loan and he plans to never repay it by continuing to enroll in classes in perpetuity, which is unlikely to work as planned.
Other less prudent students use the money for expensive cars and vacations or business start-ups.
So, Blacks have more student loan debt? Yes, and there's a reason behind that which doesn't equate with systemic racism.