Link to article: https://www.usnews.com/education/blogs/student-loan-ranger/articles/how-student-loan-debt-affects-women
In a recent survey depicting the status and debts of women, The American Association of University Women (AAUW) discovered that the 2021 update is not much different than before. Out of the 1.7 trillion dollars of student loan debt in the country, women owe approximately two-thirds. Additionally, Black women have roughly 20% more student debt compared to White women. It was also discovered that after the first year of graduate school, the average student debt for a White woman is just over $56k, while the debt of a Black women averages just above $75k.
In a country where minorities already struggle financially, statistics like this are frustrating to look at. It should also be noted that on average, men pay off their loan debt two years quicker than women do. During this years survey, the AAUW identified that 59% of unemployment claims filed in the first few weeks of the COVID-19 pandemic were filed by women, which they assume will only worsen their current trend of student loan debt. The author makes a great point by saying “a longer time carrying student debt means more interest paid – reducing available resources to spend on significant milestones like buying a home, starting a family, launching a business or saving for retirement.” Women should not have to repeat this cycle for generations to come. This system is set up in a way that puts their future and the futures of their children at risk. If you or somebody you know is struggling with student debt, the end of the article has a couple of resources to check out.
I think you’ve structured this article well, it is sad that women report to having to pay off that many loans off. I am worried as well for the future of the children, when will this cycle end..
Thank you for replying! It is ridiculous to read, especially knowing that women earn at least 20 cents less than a white man’s dollar.
This article not only points out the heightened economic impacts of student loan debt and the unemployment of the COVID-19 pandemic on women, but demonstrates the intersectionality of race and gender of financial insecurity and struggles as being even more pronounced in women of color.
You are absolutely right! Thank you for your response Tory Rose.
Drew,
This article peaked my interest. I realize that women have it harder in our partiarchal world, but did not realize the amount of debt that women rack up because of their gender. Even worse to me is the fact that African American women’s rates of interest for student loans is more extensive than a caucasian woman’s, because of the lack of jobs during this global pandemic. To be living in such a progressive world, it is difficult to stomach the amount of money that women owe over men in America. This article was extremely informative and a great choice for relating to the information that we are discussing in this course!
It is even more difficult to stomach the fact that there is a significant wage gap between white men and women vs black men and women. Thank you for your input. Sadly I was unable to comment on your post, but it is so beyond disgusting to see people in power going against the words they preach.
Wow, this article was interesting to read because it highlights how even down to getting an education, women, and women of color are disadvantaged by student loans because of their gender. As a black woman myself, I also think that it is rather interesting that although black women are statistically shown to have a higher enrollment percentage in college enrollment than other race-gender groups, black women seem to carry a higher student loan debt than white women and other women of color. I also think that it is interesting that men are able to pay off their student loan debt two years earlier than women. In my opinion, I think this situation has to do with the issues of some women receiving no paid maternity leave, which makes it harder for them to pay back on their student loans. Whereas this issue makes it easier for men to continue working because they aren’t the ones being disadvantaged by the laws of maternity leave nor do they have to struggle to find the proper child care as well.
As I stated before this article was very interesting to reading because it just goes to show how the educational system, work system, and even receiving proper child care are disadvantageous to women as well.
I agree with everything you said! It is sad and appalling that our women have to deal with this along with the wage gap. Thank you for replying.