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.