When it comes to who holds the most student loan debt, a recent report issued by the Federal Reserve showed that women carry the highest burden. According to the Federal Reserve data, the total amount of student loan debt is now around $1.52 trillion as of March 2018. Of this amount, women carry $900 billion.
Experts believe that this number is because more women are now attending college than men. According to the American Association of University Women (AAUW), 56 percent of college enrollees in the fall 2016 semester were female. In 2017, it was reported that 57.3 percent of college enrollees were females, which indicates an upward trend.
The data also indicated that women were more likely than men to take on student loan debt. According to the AAUW data for the 2015-2016 school year, 41 percent of all female undergraduate students signed onto a new student loan debt to go to school. Only 35 percent of male undergraduate students did in comparison. Of course, the numbers varied depending on the type of degree being sought, where the student went to school and the degree levels.
Not only were more female students taking out student loan debt, but the loan balances were higher for female students. In fact, the numbers showed that the female student loan balances were 14 percent more than their male counterparts. The female students ended up with around $2,700 more in student loan debt upon graduation than their male colleagues. It could be because the female students were reported as pursuing a graduate degree after undergraduate studies were complete, which only added to their already higher balances.
The problem with these numbers is once women graduate from college, the pay gap that exists between the two genders makes it harder for them to pay off their debts. According to Pew Research, women only make 82 cents for every dollar a man makes in the workforce. Women are also more likely to take time off from their careers to have children and raise a family, only returning to the workforce after the children are grown, which also puts them at a disadvantage for catching up to their male counterparts in income and in paying off their student loan balances.
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For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. There are ways to file for bankruptcy with student loan debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.