The ten year default rate among African-Americans is close to 40% according to a study by the U.S. Department of Education.
Remember, it is in the bank's interest if a person defaults, because the loan quickly doubles, and then triples and quadruples or more within a few years.
The original debt and high fees can never be forgiven, and wages are forever garnished from the defaulter. Does not someone see the obvious problem with a system that targets a vulnerable ethnic group for, in fact, slavery?
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