This report compiles the research on racial disparities both in the use of student debt and in higher education outcomes, specifically focusing on disparities between white students and Black students. In order to do so, the authors bring together two streams of research that are often siloed: research from experts on higher education access and success alongside research from economists, sociologists, and others who specialize in race inequality and, in particular, the racial wealth gap. The report highlights the need for higher education policies that get students of color both into and through college in order to realize the wage benefits of a college degree. It also underscores the need to take into account the structural inequalities and discrimination that shape every step of the experience of students of color both in college--from paying for college to accessing academic opportunities--and in the job market after leaving school with or without a postsecondary credential. Section 1 describes how historic policy decisions, both in higher education and in the economy more broadly, have contributed to these structural racial inequities. Section 2 examines key findings across disciplines from researchers who have studied student debt with a racial lens. The report concludes by discussing what policy changes could help break the cycle connecting student debt and the racial wealth gap. This report is followed by an appendix that looks more closely at the data sets used by researchers in different disciplines and an annotated bibliography. [This report was co-produced by the Roosevelt Institute and Demos.]