Table 2.

OLS regression models predicting racial disparities in (logged) student debt

	Model 1	Model 2	Model 3	Model 4	Model 5
Race (ref: non-Hispanic white)
Black	.682^***	.594^***	.400^*	.394^*	.347^*
Black	(.177)	(.178)	(.167)	(.166)	(.164)
Other race	.082	.0423	−.133	−.131	−.150
Other race	(.203)	(.203)	(.179)	(.179)	(.178)
Family background
Parents’ net worth ($10k)		−.021^***	−.034^***	−.031^***	−.026^***
Parents’ net worth ($10k)		(.004)	(.004)	(.004)	(.004)
Parents’ income (ref: < $40k)
$40,000–$59,999	.856^***	.955^***	.733^***	.715^***	.709^***
$40,000–$59,999	(.209)	(.210)	(.183)	(.183)	(.178)
$60,000–$99,999	.861^***	1.050^***	.682^***	.667^***	.663^***
$60,000–$99,999	(.195)	(.200)	(.177)	(.177)	(.171)
$100,000–$149,999	.103	.464⁺	.079	.089	.068
$100,000–$149,999	(.245)	(.259)	(.233)	(.234)	(.230)
$150,000+	−.877^**	−.094	−.710^*	−.635^*	−.520⁺
$150,000+	(.300)	(.349)	(.298)	(.298)	(.292)
Parents’ edu (ref: ≤HS)
Some college	.398^*	.421^*	−.013	−.010	.003
Some college	(.171)	(.170)	(.148)	(.148)	(.146)
Four-year college degree⁺	.670^***	.778^***	−.539^**	−.500^**	−.555^***
Four-year college degree⁺	(.187)	(.188)	(.167)	(.168)	(.164)
Postsecondary characteristics
Education (ref: four-year, degree)
Two-year, no degree			−1.371^***	−1.455^***	−1.389^***
Two-year, no degree			(.221)	(.222)	(.222)
Two-year, degree			−2.596^***	−2.672^***	−2.796^***
Two-year, degree			(.227)	(.228)	(.231)
Four-year, no degree			−.957^***	−1.025^***	−1.086^***
Four-year, no degree			(.175)	(.177)	(.179)
Number of years enrolled			.513^***	.522^***	.488^***
Number of years enrolled			(.0373)	(.0375)	(.0371)
Prop. years enrolled full-time			1.577^***	1.586^***	1.512^***
Prop. years enrolled full-time			(.188)	(.188)	(.185)
Prop. years enrolled in private institution			1.612^***	1.733^***	1.667^***
Prop. years enrolled in private institution			(.189)	(.191)	(.194)
Attended for-profit (1 = yes)			.801^***	.766^***	.665^***
Attended for-profit (1 = yes)			(.174)	(.174)	(.172)
Attended HBCU (1 = yes)			.492⁺	.464	.437
Attended HBCU (1 = yes)			(.287)	(.287)	(.285)
Avg. total aid/sticker price			−.241^***	−.248^***	−.247^***
Avg. total aid/sticker price			(.0617)	(.0619)	(.0615)
Family contribution ($10k)				−.122^***	−.099^**
Family contribution ($10k)				(.032)	(.032)
Young adult characteristics
Net worth ($10k)					−.076^***
Net worth ($10k)					(.007)
Wages ($10 k)					−.033
Wages ($10 k)					(.031)
Risk propensity					.043
Risk propensity					(.031)
Financial literacy					−.019
Financial literacy					(.134)
Constant	−259.1^**	−239.2^*	−17.9^*	−177.8^*	−11.8
Constant	(96.93)	(97.24)	(85.18)	(85.09)	(85.30)

Standard errors in parentheses. N = 5246. All models adjust for sex (1 = female), region, family structure at age 14, number of children in the parents’ household at baseline, urban/non-urban status, and year/age when assets and debts questions were answers

^***

p < .001;

^**

p < .01;

p < .05;

⁺

p < .10