Members of the class of 2016 will start their final year of college in a couple of weeks. In May, they will earn diplomas and the title of most-indebted graduating class ever. Trends show that with each school year, a new class of students becomes more indebted than the last. The class of 2014 owed an average of $33,000 in 2014. That figure rose to $35,000 in 2015.
A Pew Charitable Trusts survey released recently showed that over 50 percent of black and Latino Generation Xers and Millennials regretted owing so much. Just 32 percent of their white counterparts felt the same. This difference might be due to the unequal access to higher education, knowledge about financing tools, and monetary family support that the three groups experience. That sort of hesitance toward student loans is likely linked to whites having greater debt than Blacks and Latinos.