A 2018 Federal Reserve report confirms that black and Hispanic borrowers are much more likely than white borrowers to fall behind on https://badcreditloanshelp.net/payday-loans-ky/ their loan payments. And white borrowers are three times more likely to have paid off their debt than black or Hispanic borrowers.
Student loan debt by gender
Women tend to borrow more money for college than men. An estimated 41% of female undergraduates took on debt during the 201516 academic year, according to the American Association of University Women (AAUW), compared to 35% of male undergraduates. In fact, the AAUW estimates that females hold almost two-thirds of total outstanding U.S. student debt — close to $929 billion as of early 2019. And, as of 2016, women with bachelor’s degrees had an average of $21,619 in outstanding debt. For men, however, the average debt was just $18,880.
Part of the reason why women carry more outstanding debt boils down to the gender wage gap. Since women are likely to earn less than their male counterparts, they often have a harder time getting ahead on their student loans.
Female college graduates with full-time jobs start out earning 18% less than their male counterparts one year after graduation. Continue reading “Student debt comes in two main varieties — federal loans given out by the U”