Going to College Isn’t Paying Off for Students of Color
By Joseph Williams | Takepart.com August 21, 2015 6:05 PM TakePart.com
It’s a truism few parents of high school seniors would refute: a college diploma is an economic investment as much as an intellectual one. Besides being a ticket to a middle-class lifestyle, the wisdom usually goes, a degree is an insurance policy against hard times.
Yet a report released this week by the Federal Reserve Bank of St. Louis shows that for minority college grads, the investment in higher education isn’t paying off like it should. And the bank’s analysis is the just latest data set to undermine the bedrock premise that education alone can help level the economic playing field between whites and minorities.
Although college grads across the board make more money than their less-educated peers, the report found that whites and Asians with four-year degrees not only tend to outearn their black and Latino counterparts, but they also better withstood the impact of the Great Recession. “Based on two decades of detailed wealth data, we conclude that education does not, however, protect the wealth of all racial and ethnic groups equally,” the report’s authors wrote.
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