Good morning,
Grace and peace be unto you!
Something to think about as we work our way out of debt...
Recent research and data from the US Department of Education indicate that African-American students, are taking a greater financial risk than other groups in going to college, even as a degree has grown increasingly vital for workers hoping to survive in the modern economy. They typically start with a smaller economic cushion, are more likely to borrow, and, on average, earn less upon graduation.
As a result, instead of bridging the racial equity gap by opening the prospect of well-paying jobs, getting a degree can actually widen the gulf in wealth between black and white adults.
African-American students who started college in 2003-04 typically owed 113 percent of their student loan 12 years later, according to the most recent data from the US Department of Education analyzed by the Center for American Progress.
By contrast, white borrowers had paid down their debt and owed only 65 percent of the original amount, and Hispanic borrowers had knocked down their debt to 83 percent of the initial loan.(Boston Globe)
All of this to say. If you have young people that you know you want to go to college start a fund now. I know you didn't have one, but somebody has got to stop the poverty curse in each family. Let it be you.
529 funds are for education and have been expanded in great new ways. Don't get your nails done one week and throw that cash in the fund. Maybe start a Friday fund it day and fund your child's future. Debt is a trap that we all need to be set free from.
Until tomorrow.
#liveBlessed
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