College is a very expensive experience, especially without any assistance or coming from a single parent household. The good news is that Black Americans, especially Black women, are earning more college degrees than ever before. For a black student, the financial burden of higher education is the greatest. However, at Morehouse College, a billionaire named Robert F. Smith paid off 2019 debt, estimated to be between $10 million and $40 million. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get an Original Essay Not only are tuition costs much higher across the board than they used to be, but as the Wall Street Journal reported last month, historically, black colleges and universities have been particularly affected by the student debt crisis. HBCUs have smaller endowments – in part because their graduates’ debts take priority. Students attending private institutions like Morehouse College, where tuition was $25,368 in the last academic year and other expenses (including room and board, books, and fees ) push the total cost of tuition to nearly twice that amount, are more likely to take out loans than their non-private HBCU counterparts. Many African American students go to college and take out loans just to attend. Most African Americans are expected to take out loans to go to college. According to Aaron Mitchom of Black America, a few weeks before graduating from Morehouse, “one Sunday, 22-year-old finance student Aaron Mitchom made a spreadsheet to calculate how much time he would need. take him to pay off his $200,000 in student loans over 25 years at half his monthly salary. The student debt crisis is preventing millions of young Americans from buying homes, starting families, saving for retirement, and building wealth. No group is held back more by student debt than African Americans, who leave college with an average balance of $34,000. Whether you know it or not, student loans make up half of students' debt and what they have to pay back. This event was important to African Americans because as a unit we should all want each other to succeed. Smith showed his classmates that he wanted nothing but the best for them in life. It is, however, a burden for many African Americans to try to purchase a home or anything of the sort due to their heavy debt. According to Smith on CNN, "Now I know my class will make sure they pay it forward," he continued. “I want my class to look at these (alumni) – these magnificent Morehouse brothers and make sure that every class has the same opportunity in the future because there are enough of us to take care of our own community. We are enough to ensure that we have every opportunity of the American dream. Paying off student debt can be a forever thing; paying off college debt can take several years.Keep in mind: This is just a sample.Get a custom paper from our expert writers now.Get a Custom EssayAs an African American Student Attending an HBCU, I know what it's like to have to borrow loans just to go to school. Of course, college isn't cheap and many come from single-parent homes where funds are not available to meet their college needs. Black students?