The purpose of this qualitative study was to explore Black women in graduate school and their experiences with financing their education and perceptions about student loan debt. Findings from the experiences of six Black women enrolled in graduate programs within the College of Education highlight inequality in institutional funding and student loan borrowing. Two research questions set the scope of the study: (1) What are the lived experiences of Black graduate women funding their education? and (2) What are the perceived long-term implications for Black graduate women repaying student loans? Two themes were identified from the first research question. They were: “It’s an Investment in Myself” and “Feels like a Continuous Weight.” Also, two themes resulted from the second research question, which were: “You don’t go and get a PhD without Funding” and “I’m not Fixing to Starve.” In conclusion, we offer recommendations for reparations in the form of scholarships, affordable master’s programs, and guaranteed loan forgiveness, along with implications for future research based on the results from the study.