WASHINGTON–A new report has found women hold nearly two-thirds of all student debt in the United States.
According to the research and analysis by the American Association of University Women, a group that advocates for equity and education for women and girls, while more women than men attend college, it doesn’t explain the whole gender gap.
“More women take out loans, and when they do, they borrow more money,” the AAUW said. “The average woman owes $2,740 more than a man upon finishing a bachelor's degree. Women are also repaying their debt more slowly, which can mean they're paying more in interest over time.”
Other Findings
Among other findings in the new report:
- Americans currently owe $1.5 trillion in student loans. Outstanding student debt currently exceeds auto loan debt ($1.1 trillion) and credit card debt ($977 billion).
- 42% of people who've gone to college took out debt. A majority of them took out student loans, but 30% had some other form of debt, like credit card debt or a home equity line of credit, according to a Federal Reserve report based on a 2017 survey.
- A bigger percentage of recent grads are taking on debt. But borrowing has declined since its peak during the 2010-2011 school year. The average new grad owes $28,400.
- Among those who finished a bachelor's degree in 2016 with debt, the average amount was $28,400, according to The Collage Board. That's up from $22,100 in 2001 (reported in 2016 dollars). It does not include those who went to a for-profit college.
- 20% of borrowers are behind on payments. Those who never finished their degrees are more likely to have trouble keeping up with their payments, the Federal Reserve report said. Just 11% of those who completed a bachelor's degree were behind and 5% of those who had a graduate degree had fallen behind on payments.