Women are now the majority on U.S. college campuses- representing 56% of all students enrolled, and according to a recent report they are also shouldering much of the nation’s student loan debt.
The American Association of University Women (AAUW) found that on average, women hold $833 billion of the country’s $1.3 trillion student loan debt, compared to men who hold $477 billion.
African American women take on more student loan debt than any other group of women, with an average of $30,000, according to the study. In addition, women take two years longer to pay off that debt, partly because of the gender wage gap.
It is estimated that women make 20% less than men four years after graduating with a bachelor’s degree. That pay discrepancy leaves women at a particular disadvantage with less disposable income to use to pay back their loans. In the time period between one and four years after graduation, men paid off an average of 38% of their outstanding debt, while women paid off 31%, according to the study. Meanwhile, approximately one-third of women experienced financial difficulties, while paying off their loans, compared to just one-fourth of men.
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