Table 2a Case Study

Problems in the student loan market are not just harming students but are also exacerbating problems with the United States’ recovery from the Great Recession. New York Federal Reserve Bank data has found that outstanding student debt topped $1 trillion in the third quarter of 2013, and the share of loans delinquent 90 days or more rose to 11.8 percent. Furthermore, the share of 25-year-old Americans with student debt increased to 43 percent in 2012 from 25 percent in 2003, while the average loan balance rose 91 percent, to $20,326 from $10,649 (Gage and Lorin). More than 40 million Americans are in student loan debt and because of this, more than 40 million Americans are not able to stimulate the economy as they are not able to buy houses or cars, or start businesses or families (Applebaum). In Wisconsin alone, student loan debt has resulted in a loss of over $200 million annually from new car purchases, while also resulting in middle class households with student loan debt overwhelmingly renting homes instead of owning them (Vanegeren).

College debt is quickly rising as more students pursue a postsecondary education. Tuition is growing at a rate higher than inflation, thus forcing many students to make up the gap between income and tuition through loans (Houle). However, cultural factors must be considered before a young adult makes a decision about higher education. The type of postsecondary education one pursues, if any, is determined by many circumstances including socioeconomic status, race, and family background. Therefore these same factors impact the amount of student loan debt one acquires. At a global standpoint, the United States is among the nations with the highest amount of college debt with more than 1.2 trillion dollars in outstanding student loan debt according to CNBC, Consumer News and Business Channel (Holland). Although the amount of student debt in each country varies, similar cultural factors impact all students.

The Table provides the exact percentage on graduation by race for the state and national level. Asians had the highest graduation rate, followed by whites, then Hispanics and Latinos, and ending with Blacks. On the state Level there is a 12.2 percent difference between the groups with higher rates and those with lower. However, on the National level there is a 15 percent

Racial discrimination is the main and ongoing problem in the social life of Americans. When we look at the gap of incomes between White and African Americans, we can see the inequality between these two groups. In general, whites have more annual earnings than their black counterparts in America. Lori Ann Campbell and Robert L. Kaufman emphasized that the wealth determinants, which are the indicators of socio-economic status, have effected more on Whites than Blacks. And even when society is organized, there is still some disparities on account of race and ethnicity. (Campbell and Kaufman, 2006). And income disparities between African and White Americans have definitely effected the peace of the social life. According to Campell and

Over the years the white males dominate role in society has been diminishing. Between 2000 and 2010 the number of white children in the United States of America was down by about one million four hundred thousand. In 2013, there were approximately 41.1 million immigrants living in the United States and the number is only rising (Jie Zong). Racial and ethnic minorities now surpass non-Hispanic whites as the largest group of American children under 5 years old (U.S. Census

Earning a college degree has long been considered—one of the major keys in achieving the American Dream. However, contrary to popular belief, that theory has been proven invalid. According to a recent study from the Federal Reserve Bank of St. Louis (FRBOSL), “Education does not help black and Hispanic college graduates protect their wealth the same way that it does for their white and Asian counterparts.”

In the U.S. students are encouraged to earn a college degree, but the cost of an education turns many away. “Driven by the allure of a decent salary with a college degree, Americans borrowed to go to school. Outstanding student debt doubled from 2005 to 2010, and by 2012 total student debt in the U.S. economy surpassed $1 trillion” (Mian, Sufi 167). There are plenty of opportunities to obtain funds for college, including one of the most common, student loans. A student loan is defined as “a common way to fund education, specifically college and graduate school, and they provide educational opportunities that you otherwise may not be able to afford” (Barr). Student debt is at an all-time high in America. Over half of all lower income

The past has shown that minorities do in fact have equal opportunities compared to the white majority, but they do not use them. There are statistics from the AAMC saying the average MCAT scores and GPAs of applicants who are Latino, Black or American Indian are lower than those of their White and Asian American peers (Liliana M Garces). Liliana M. Garces is an Assistant Professor in the Higher Education Program and a Research Associate in the Center for the Study of Higher Education at The Pennsylvania State University. With her contributions to this area of study, people can see how the ever-growing population of minorities in the United States is becoming an issue. If the minorities can now still get into colleges and universities with these

Modern Day example would include the “English Only Movement” and the “reverse quotas for Asians in college admissions” (Ngai, p. 67). The limitations of Asian access to postsecondary education is troubling because they are amongst some of the brightest American citizens, especially when using measures of college readiness benchmarks used for college admissions. For example, Asian Americans taking the ACTs during high school scored higher on math and science portions than any other recorded racial group. In an economy where science, technology, engineering and mathematics

Furthermore the study does not provide enough evidence to pinpoint specific reasons as to why these disparities exist. A continuation of the study and deeper analysis of student’s financials resources would improve the research. Jolly examines the effects medical school tuition has on prospective and former students. He used data collected by the AAMC (Association of American Medical Colleges) questionnaire distributed to medical students in 2003. The reports from the AAMC questionnaire show variation in average debt of college students, and also displays the differences in graduates’ debt by race. Jolly compares the differences of indebtedness of each race to the influence debt has on medical school decisions. By doing so, Jolly is able to see if minorities obtain more debt than non-minorities. The results of the data displayed a discrepancy between the debt of blacks and whites versus Asians and Hispanics. Yet the difference of debt amongst the races is less than 5%, and thus considered to be not significant in the study. The data seems reliable as it measures the debt of medical students after graduation and not prior to. However the data is based on self-reported questionnaires, which could lead to a non-response bias. The study also is inconclusive in determining how race impacts a medical student’s debt. Rather, Jolly focuses more on the financial resources the student has (i.e. family wealth). The affirmative action of medical schools are often racially biased

One legacy of discriminatory policies is that African American families today are more vulnerable to foreclosures, which destroys a large amount of their wealth. According to a study by Shapiro et al. of Brandeis University in February 2013, “Homes are the largest investment that most American families make and by far the biggest item in their wealth portfolio. Homeownership is an even greater part of wealth composition for black families, amounting to 53 percent of wealth for blacks and 39 percent for whites. Yet, for many years, redlining, discriminatory mortgage-lending practices, lack of access to credit, and lower incomes have blocked the homeownership path for African- Americans while creating and reinforcing communities segregated by race. African-Americans, therefore, are more recent homeowners and

The racial wealth gap is a phenomenon that has affected millions of Americans over multiple generations. A house is one of the biggest contributors to an individual’s assets, however there have been discriminatory practices that have been used to prevent minorities from homeownership, therefore reducing their ability to attain as many assets as their white counterpart. This study in particular will compare the amount of subprime lending taking part in Prince George’s County and Fairfax County , two counties in Maryland that have the same affluence but different racial demographics. Through this study I hope to inform an audience of the correlation between subprime lending and race , as well as the effect

Immigration history provides understanding of the geographic location of each ethnic-race group and the interracial and interethnic marriages of each group. Detailed Hispanic and Asian ethnic-race groups have different histories that contributes to their geographic locations. By looking at different geographic locations for detailed groups, we can assess the percentages of those locations having homogenous households or diverse household and determine whether living close to people of the same ethnic-race group influences their household composition. We are considering intermarriages for each detailed group because intermarriage will automatically make the household not homogenous. There are three detailed Hispanic origins that have different

The purpose of this study was to examine whether women’s experience mortgage credit after the 2008 housing crisis. Origination, denial, and fallout rates were produced from HMDA data and fallout rates. These rates captured the behavioral performance of lenders during the loan underwriting process; thus, shedding light on women 's credit experience as compared to men in the mortgage market. Between gender comparisons, the results reveal good news. The women‘s mortgage credit experience is statistically equal to men as measured by mortgage origination, denial and fallout rates. These findings are consistent with some mortgage gender stud-ies such as Dietrich and Johannsson [15], Robinson [9], Awoonor-Williams [14]. They are in contrast to other studies, Woodstock Institute [10] and Cyr [11]. Dietrich and Johannsson [15] study used a multivariate model, which control for economic factors considered during the underwriting decision. They found 15 of 18 fair lending exams had no statistical gender effect on the decision to deny a mortgage. The Robinson [9] study found that applications for low-income women were more likely to be originated than men of similar income. Awoonor-Williams [14] found that being a female statistically did not increase applicants’ denial experience; results were based on Freddie Mac 's national consumer credit survey and logistic regression analysis. Control-ling for income and loan type, Diabate [13] found little differences

SG2 observes the correlations between the percentage of women in a state’s legislature, and the Cook index, the density of the state, the percentage of a state’s legislators that are black, and the average amount of time in minute that a person in the state spends watching television each day. Again, the only variables that are statistically significant are Watching.television and cook.index. SG2 predicts that every one-minute increase in the amount of television watched will be correlated with a .121 percentage point decrease in the percentage of women legislators for a state. It also predicts that for every one-point increase in the Cook index, there is a .486 percentage point increase in the amount of women in a state legislature. This model has an adjusted R2 of