State-Of-Black-Oregon-2015

CHILDREN’S SAVINGSACCOUNTS: STUDENT DEBTAND ECONOMIC MOBILITYBlack college degree earners aredisproportionately saddled with debt,thereby reducing their ability to build assetsover their lifetimes.27%of Blackbachelor’sdegreerecipientshad more than$30,500of debt, comparedwith just 16 percentof White students. 263%40%52%Households withcollege debt haveless net worthless home equitylower retirement savingsthan those with nooutstanding student debt. 3 55Properly designed Children’s SavingsAccounts, a promising poverty reductiontool, can encourage economic and socialdevelopment of youth—and, over time,their communities. In addition to increasingfinancial assets, they can also spur apositive outlook on the future, long-termplanning and more civic and politicalengagement in one’s community. 4