Charlene Crowell: Student loan debt drops $10 billion

by Charlene Crowell (TriceEdneyWire.com)—As consumers struggle to cope with mounting debt, a new economic report from the& Federal Reserve Bank of New York& includes an unprecedented glimmer of hope. Although debt for mortgages, credit cards, auto& loans& and more increased by billions of dollars in the second quarter of 2024,& student& loan& debt decreased by $10 billion.& & According to the New York Fed, borrowers& ages 40-49 and ages 18-29 benefitted the most from the reduction in& student& loan& debt.& & & In a separate and recent independent finding, 57 percent of Black Americans hold more than $25,000 in& student& loan& debt compared to 47 percent of Americans overall, according to& The Motley Fool’s& analysis of& student& debt by geography, age and race. Black women have an average of $41,466 in undergraduate& student& loan& debt one year after graduation, more than any other group and $10,000 more than men.& & & This same analysis found that Washington, DC residents carried the highest average federal& student& loan& debt balance, with $54,146 outstanding per borrower. Americans holding high levels of& student& debt lived in many of the nation’s most populous states—including California, Texas, and Florida.& & & The Fed’s recent finding may...