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According to a 2020 National Education Association (NEA) survey of educators working in pre-K–12 and higher education institutions, 45 percent of educators have taken out a student loan to fund their own education, with the average total amount standing at $55,800. About three-fifths (59%) of educators with unpaid loans reported that the debt had a bearing on their ability to build up their emergency savings, and four in 10 said that paying off their student loans impacted their mental, emotional, and/or physical well-being.

“Because Black households are less likely to be invested in the stock market and on every level less likely to be engaged in the financial system, they not only entered the pandemic with large gaps, the likelihood is that we are going to see some of these gaps widen coming out of the pandemic,” said John Lettieri, the Economic Innovation Group’s president and CEO.