In the past two decades, the number of Black adults with a college degree has more than doubled, from 3 million to 6.7 million, marking an increase in the percentage of the Black population (age 25 and older) with a postsecondary degree from 15% in 2000 to 23% in 2019. The affiliated benefits of personal and skill development, increased job opportunities, wage growth, and economic and social mobility make clear that postsecondary degree attainment is vital for economic stability. However, during this same time of rising degree attainment, Black median income was largely stagnate: from $43,581 in 2000 to $44,000 in 2019. Meaning, the rise in Black degree attainment is not concomitant with an increase in Black earnings.

Worse yet, The Wall Street Journal reports that overall Black household wealth for college graduates in their 30s has “fallen to $8,200 from about $50,400 three decades ago”—largely due to the negative impact of student debt required to finance that education. Black and Latino or Hispanic parents are more likely than white parents to see a college degree as key for their children’s success, according to a 2015 Pew Research Center report. However, Black people’s strivings and educational gains are not rewarded on pace with their white peers, confirming the adage “you have to be twice as good to get the same result.”

Eliminating student debt won’t eliminate the racial wealth gap, which sees white families holding 10 times more wealth than Black families. However, mitigating debt and eliminating systemic racism in labor markets have ameliorating effects and may encourage people to stay or enroll in a postsecondary institution. Therefore, boosting college degree attainment needs to be explicitly connected to a broader range of policies that address many economic levers leading to disparate outcomes.

Read the full article about removing barriers to economic stability for Black college graduates  by Andre M. Perry, Anthony Barr, and Carl Romer at Brookings.