A Dream Defaulted: The Student Loan Crisis Among Black Borrowers

A Dream Defaulted explores the student loan crisis's impact on Black borrowers, highlighting the disproportionate burden of debt and the failure of policies to address social inequality. The book argues that institutionalized racism and social and economic inequities contribute to the crisis and that solutions must address these issues beyond debt reduction and financial aid.

Format: Paperback / softback
Length: 208 pages
Publication date: 08 November 2022
Publisher: Harvard Educational Publishing Group

A Dream Defaulted delves into the profound impact of the student loan crisis on Black borrowers, shedding light on the underlying causes and consequences of social inequality in the United States. In their insightful analysis, Jason N. Houle and Fenaba R. Addo examine the escalating financial crisis in education, exploring its origins and far-reaching consequences. Drawing from over five years of extensive qualitative and quantitative research, this compelling work vividly illustrates the unequal benefits of the student loan system, particularly for first-generation college students, low-income students, and students of color. The authors unravel the story of these students' disadvantaged experiences during two critical phases: debt accumulation and debt repayment. They further expose the inadequacy of policies designed to alleviate financial burdens and prevent defaults, highlighting the urgent need for targeted assistance.

Houle and Addo place these social and racial disparities within a broader historical context, tracing the enduring effects of institutionalized racism on social and economic disparities, perpetuating the racial wealth gap, and fostering intergenerational inequality. Through in-depth interviews with borrowers, they shed light on the ways in which racial disparities shape college access, debt-taking decisions, and the ability to repay student loan debt after graduation. Recognizing that the affordability crisis cannot be resolved solely through higher education reform, Houle and Addo propose comprehensive solutions. They argue that policy must go beyond debt reduction and financial aid to address deep-rooted patterns of racial inequality and discrimination, both within and outside higher education institutions.

A Dream Defaulted serves as a powerful call to action, urging policymakers, educators, and society as a whole to address the systemic challenges facing Black borrowers and work towards creating a more equitable and inclusive education system. By recognizing the intersectionality of race, class, and financial burdens, we can strive to break down barriers and create a brighter future for all students.

Dimension: 229 x 152 (mm)
ISBN-13: 9781682537565