The country’s $1.5 trillion in student loan debt can weigh heavily on some borrowers, sidetracking plans for home ownership and stunting careers while they pay off loans.
That debt is especially burdensome for black borrowers, according to new data from the Federal Reserve Bank of New York that builds on the evidence showing high financial hurdles for minority students.
People living in typically high-income ZIP codes and low-income ZIP codes are just about equally likely to take out student loans, Federal Reserve analysts said.
