Tag Archives: Prudential Financial Inc.

Student debt: An unfortunate reality for many African American students

Jerard Paige, a junior economics major at Howard University, isn’t your typical college student. That’s because he not only is concerned about how much money he’ll owe when he graduates, he’s taking steps to eliminate his school debt and secure his financial future.

“I have been saving for the past six months, hoping to eliminate my student loan debt by graduation,” Paige said. “Once I pay off my debt I will look into investing in appreciating assets. But right now, my focus is on depleting my liabilities so I can spend money to make money.”

Many students, especially African Americans, aren’t in a position to pay off their school loans before they graduate. A new study by Prudential Financial, Inc. shows that college-educated African Americans are twice as likely to attain student loan debt compared to all college-educated Americans.

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African American Financial Experience Survey

PRUDENTIAL

Our 2013 African American Financial Experience study shows continued financial progress, confidence and growing affluence in the African American community. At the same time it highlights ongoing hurdles of debt, multiple financial priorities and lagging investment product ownership that for many continue to make it more difficult to achieve long term financial security.

Link to study: African American Financial Experience 

While these are challenges for all Americans, the study brings to light unique characteristics of the African American community. The findings show the African American financial experience is defined by clear family-oriented financial priorities, solid participation in employer retirement savings plans, a focus on protection-oriented financial products, the significant role of faith-based institutions in financial education and optimism for the future.

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