Around two-thirds of the nation’s outstanding student loan debt is held by women, according to recent findings from the American Association of University Women.
MarketWatch reports that while women make up the bulk of college students and graduates, they are more adversely impacted than their male counterparts. The pay gap, childcare costs, and taking jobs in lower-paying fields are cited as reasons for the discrepancy.
As a result, women face more of a challenge repaying their loans. On average, men paid off 38% of their loans between one and three years after graduating. Women paid off just 31%. The researchers estimate that women are taking nearly two years longer to pay off their debts.