About 40 million Americans are struggling to pay $1 trillion in student loan debt. This is an issue of significant importance to the black community considering more than 40% of African American families have student loan debt
. African American families also carry more student loan debt that other groups: $10,295 on average compared with $8,020 for white families, according to the Urban Institute.[Related: Is Your Student Loan Debt Affecting Your Child’s Education Plans?]
As student loan debt becomes a defining economic issue of our time, it’s more important than ever that borrowers get educated on all of the resources that are available to help get rid of often crippling debt burdens.
Case in point: The government’s Public Service Loan Forgiveness program, which forgives all of your student loan debt after 10 years of working at a government office or nonprofit–the years do not have to be consecutive.
Watch BE’s Senior Editor for Personal Finance, Stacey Tisdale, share tips on often overlooked ways to get rid of student loans.