Student Loan Statistics: Women Carrying More Debt
Not only are more women going to college than ever before, but overall, they are now doing so more than the men—and taking out more debt too. And while in previous decades it may not have been expected that most individuals would go to college or even had a chance to, student loans have made such a proposition much more attainable; in fact, the majority of rising students have loans, whether they are federal, private, or a combination of both. Grants and scholarships are available to many students at a wide range of different institutions, but such funds often require the accompaniment of other loans too.
Now, statistics show that these growing numbers do involve more women than men. Not only that, rising female students are also taking out more student loans at higher amounts as they invest in their educations, future careers, and potential to make an income. The American Association of University Women acts as one of the leading advocate for women and girls in the US, exploring their progress in terms of education, the economy, politics, and other social arenas. Their study points out that 56 percent of college students today are women, and although they are striving to make their way financially, and in the workforce, they are often faced with challenge:
“… women also take on larger student loans than do men. And because of the gender pay gap, they have less disposable income with which to repay their loans after graduation, requiring more time to pay back their student debt than do men. As a result, women hold nearly two-thirds of the outstanding student debt in the United States — almost $900 billion as of mid-2018,” states the report.
Currently, averages show that women owe $2,740 more than male graduates do after receiving a bachelor’s degree from college and they are also not as quick to pay off what may be massive and burdensome loan amounts, adding to the rising number of delinquencies and defaults in the US as the $1.48 trillion cumulative student loan debt just continues to grow. Even with alternative forms of repayment available for federal loans today—to include forgiveness programs—defaults continue, and that trend is not expected to reverse itself anytime soon.
If you are concerned about student loan debt, contact Fitzgerald & Campbell, APLC now. Our experienced student loan debt attorneys will be glad to review your case and discuss all the available options with you. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issues, bankruptcy and other debt management processes. We are here to help! Call us today for a free consultation at (855) 709-5788 or email us at firstname.lastname@example.org.
Posted in: Student Loan Debt