Financial Literacy Resources for Black Students

The average Black degree-seeker graduates with $7,000 more in student debt than white learners. This disparity extends to loan repayment. White alumni default on their student loans at a much lower rate than Black graduates. Additional debt and a higher default rate can lead to negative financial outcomes, such as lower credit scores and an inability to create generational wealth.

These findings indicate Black college students may need additional instruction in financial literacy. This term refers to multiple skills, including budgeting, investing, and using credit responsibly.

The following article highlights some of the top financial literacy resources for Black college students. This page covers unique challenges these degree-seekers face when taking out loans and preparing for their financial future.

Black college students face three unique financial challenges: limited resources, little to no financial preparation, and increased debt after graduation. Practicing financial literacy skills can help learners overcome these issues. The embedded links include information about each issue’s root causes and their effect on learners.

Black college students can consult Black financial experts to master financial literacy skills and prevent debt’s negative consequences. The number of Black and Latino certified financial planners (CFPs) grew more than 12% in 2020, providing learners with trusted experts. These CFPs use their training and life experience to help degree-seekers learn student debt fundamentals and budgeting techniques.

The Association of African American Financial Advisors explains how students can find a local CFP. This group also works with historically black colleges and universities (HBCUs) to promote financial literacy in the Black community.

Some students avoid CFPs due to potential fees. Fortunately, top professionals offer free resources, including podcasts, blog posts, and social media updates. Learners can use these financial literacy resources to determine whether they need one-on-one assistance. Other free services include links to college scholarships reserved for Black students and learners attending an HBCU.

Many organizations, including those below, help learners hone their financial literacy skills. Students can use the embedded links to access free resources and connect with CFPs.