While discussing the people who have been mostly touched by the program, mentioning the gender that has the most student loan debt deserves the kind of audience or attention which is given to similar cases. Student loan, as an academic program which is set to aid and enhance uninterrupted pursuit of knowledge in universities, has become an interesting phenomenon at that. It no doubt has touched so many people and the reasons are obvious.
By design, the student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses.
The downsides of the program have been a source of worry to people from different racial background as well as people defined by various gender identities. In this article, the gender that has the most student loan debt and why shall be extensively discussed without bias. Pay attention!
The Most Defaulter by Gender
Taking out debt is a solid way to finance a higher education and can even help a recent graduate establish a healthy credit profile; however, the most economically vulnerable are often at risk of being unable to keep up with their payments.
Read Also: The Most Affected Race by Student Race
It is studied that female students are more likely to obtain student loans for themselves. $929 billion in student loan debt belongs to women. They hold 66% of all student loan debt. Also, 41% of women undergraduates take out student loans, compared to 35% of male undergraduates, taking an additional two years on average to pay off student loans.
Racially speaking, black women have the highest average amount of debt, while Asian women have the lowest average amount of student loan debt. Unarguably, women of color have almost twice the amount of student debt compared to white women.
The average Black woman’s student loan debt grows 13% in their first 12 years of repayment. In the same period, the average White woman’s student loan debt shrinks by 28%. White men, in comparison, see their student loan debts drop by 44%.
Student loan debt is the second-highest source of household debt. College attendance is high, but the cost of a college education more than doubled compared to the prior generation. Meanwhile, household incomes have remained relatively static. This difficult reality falls especially hard on women. This group faces numerous additional challenges that result in both higher loan balances and a lower ability to pay down their debt.
