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Full-Text Articles in Social Work
Racial Disparities In Student Debt: Evidence From The Refund To Savings Initiative, Samuel H. Taylor, Dana C. Perantie, Nava Kantor, Michal Grinstein-Weiss, Shenyang Guo, Ramesh Raghavan
Racial Disparities In Student Debt: Evidence From The Refund To Savings Initiative, Samuel H. Taylor, Dana C. Perantie, Nava Kantor, Michal Grinstein-Weiss, Shenyang Guo, Ramesh Raghavan
Center for Social Development Research
This brief provides evidence that low- and moderate-income (LMI) Black households accumulate significantly more debt in pursuit of a higher education than do LMI White students, even after using rigorous methods to account for race- and debt-related confounders. Using data from the Refund to Savings experiment, the authors find that LMI Black households accrued $7,721 more in student loan debt than their White counterparts did. This finding is crucial in light of the financial vulnerability of this population both before and after college. That vulnerability potentially contributes to diminished returns and exacerbates racial disparities in educational outcomes and wealth accumulation. …
The Burden Of Student Debt: Findings From A Survey Of Low- And Moderate-Income Households, Mathieu R. Despard, Samuel H. Taylor, Dana C. Perantie, Michal Grinstein-Weiss
The Burden Of Student Debt: Findings From A Survey Of Low- And Moderate-Income Households, Mathieu R. Despard, Samuel H. Taylor, Dana C. Perantie, Michal Grinstein-Weiss
Center for Social Development Research
Completing a college degree continues to offer a pathway for enjoying greater earnings. Yet tuition has risen sharply and state higher-education funding has declined in recent years, shifting the burden of paying for college to students and their families. As a result, most students (70%) depend on loans to help pay for college and student debt is now greater than credit card debt in the United States. Student debt is increasingly difficult to manage, as debt-to-income ratios, loan default rates, and delinquency rates are on the rise. This brief utilizes data from the 2014 Refund to Savings study to examine …
Characteristics And Hardships Associated With Bank Account Ownership Among Refund To Savings Participants, Michal Grinstein-Weiss, Dana C. Perantie, Jane E. Oliphant, Anna Deruyter, Mathieu R. Despard
Characteristics And Hardships Associated With Bank Account Ownership Among Refund To Savings Participants, Michal Grinstein-Weiss, Dana C. Perantie, Jane E. Oliphant, Anna Deruyter, Mathieu R. Despard
Center for Social Development Research
Having a bank account is one important way for households to securely accumulate savings, build credit, and earn interest on assets. Nationally, 7.7% of households are unbanked—lacking both a checking and a savings account. One proposed step toward financial inclusion is to encourage unbanked households to open accounts and deposit refunds into savings at tax time, when many low-income households receive the year’s largest lump sum of cash. This brief utilizes data from the 2013 Refund to Savings study to summarize differences between banked and unbanked households. The findings show that unbanked status is a marker for other financial disadvantages, …