Going to college is difficult, but not doing it will make life more complicated

The accumulation of student loans is one of the reasons why college education does not always mean economic equality for families of color, according to Mark Huelsman, associate director of policy and research at Demos, a nonprofit research and development organization. Litigation based in Washington DC that defends Equity issues.

"White families who did not graduate from high school have the same level of wealth as a black family with a college education," Huelsman said. "All this has led to a system where black families in particular, but also Latinas, have less wealth to face the challenges when it comes to paying off that debt."

The accumulation of debt for education is a relatively new problem, Huelsman added. Student loans became more common as public funds decreased and for-profit universities took root.

"It was not until the 1990s that people were more likely to borrow than to be debt free," Huelsman said.