Graduates of HBCUs and Hispanic-serving institutions may be paying more to borrow and refinance their education loans, study finds. - NBCBLK
Welbeck called the finding especially"alarming," given that HBCUs and HSIs play a significant role in expanding access to higher education. Not only do they serve underrepresented racial and cultural groups, but these institutions are more likely to enroll women and older students.
"Basing a person's creditworthiness on how ostensibly elite the institution they attended will perpetuate inequality and socioeconomic barriers," Welbeck said."We talk about using educational data as innovative, but this is redlining education." "The study's characterizations ... do not reflect our lending practices and its conclusions are exaggerated," wrote Vickee Adams, senior vice president of corporate communications at Wells Fargo, in an emailed statement.
According to Diana Adair, Upstart's head of communications, the firm has conducted its own studies with thethat contradict those of the"Educational Redlining" report and show that its model has increased access to credit, regardless of race, ethnicity and gender, by more than 20 percent.
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