Californians are struggling the most with loan debt
Research found that in California, we have higher average student debt for undergraduate and graduate students, more parent-held debt, and higher student debt for Black families despite having fewer borrowers than in other states. California has fewer borrowers, but those taking out loans are borrowing large amounts of money that continue to pile up because many folks cannot make their payments. Repaying their loans will be even more difficult with the repayments restarting this year. This is especially true for Black students and their families due to the systemic racial wealth gap we have in California. Not many clear options have been put in place to help Californian borrowers, which continues the endless cycle of struggle under student loan debt.
Pursuing higher education in California without taking out loans and struggling financially is almost impossible. As the article mentions, even if your estimated family contribution is zero, financial aid does not always cover the cost of living in California. This is why it is vital to reform Prop. 13. In doing so, we can provide the solutions to stop being one of the states with the most student debt. Taxing large corporations would allow us to fund all our public schools, including higher education institutions.
Above: Student photographed in Sheilds Library at UC Davis. Credit: Karin Higgins/UC Davis
Despite low public tuition, California ranks in top third among states for average student debt
Ashley A. Smith, EdSource| September 28, 2023