Addressing Student Debt

Advocating for new models to reduce the student debt burden for POCI students

Ensuring critical student consumer protections while working to demystify student debt is essential if Minnesota wants to ensure racial equity in college access and reduce the disproportionate debt POCI students face.

According to the nonprofit Student Borrower Protection Center, there are 775,300 student-loan borrowers in Minnesota with a collective $29.1 billion in student-loan debt, for an average student-loan debt load of about $37,500 per borrower.

Minnesotans rank fourth in country in average student loan debt per state resident, according to statistics from the Federal Reserve Bank of New York. Minnesotans owe about $6,280 for every man, woman, and child in the state. 

What to know about student debt and racial inequities

Five myths about student debt

Student debt, as a category of consumer debt, is second only to mortgages. Here are five misconceptions about the debt they’ll spend years or even decades paying back.

The racial inequities of student debt

Today, student debt is furthering the racial wealth gap in Minnesota and across the country. Here’s how it’s especially impacting Black students.

How states can solve the student-debt crisis

As student debt is increasing financial insecurity, states across the country are working towards solutions to address student-loan burdens.