During the Housing Bubble, banks gave mortgages to people who had no hope of making payments once the big balloon payment came at the end of five years. I know it was a half century ago but when I was a loan officer in LA, many newcomers had no clue about annual percentage rates. All they cared about was the amount of the monthly auto payment.
They couldn't read the Truth In Lending Documents in Spanish let alone English. Most were low income and couldn't afford mortgages. In the 1990 census, 40% of Hispanic immigrants had less than 8 years of school. Things have improved but they aren't college material. Think Mixtecs from Oaxaca who pick strawberries in the Salinas and Santa Maria Valleys.
See Brenda Walker's blog about DACA folks education relative to Americans which was posted today.
In the olden days, Blacks used to spend less prudently than they should have. That applies to education, too. A woman I know who lives in Pennsylvania was teaching "bonehead" English for kids who were high school grads but their English skills were very poor. Many were blacks and they just wanted to pass and go to college. My friend got pressured to comply. She quit.