Student loan debt and the millennial woman

The saying goes that education is the passport for future and hence, everyone wants to be educated and make a better future. While there is no doubt that education can get you a good life what is also true is that many individuals end up being debt-ridden by the time they finish their college. It is estimated that there is $1.5 trillion outstanding student loan in the US. And this number consists of many young women who decide their marriage and motherhood based on their loan amount.

Women have greater loans to pay off

There is a gender disparity in the loan holders. It is believed that women comprise the largest percentage of debts. It is startling to know that there are over 42 percent of young women out there who owe over $30,000 in their student debt when compared to 27 percent of men.

Why this gender disparity

Despite being in the 21-century gender norms are still very evident in the way parents save for their children’s education. A recent study stated that almost 75% of the households with boys saved for the college education while in only girl household the percentage was 60%. In fact, in the boy households, they give saving for son’s education a greater priority over even saving for retirement. And in some cases, the boy households footed the entire bill.

Secondly, it has been noticed that the women of this generation or the millennial women have a poor understanding of their finances and hence they make wrong financial decisions during the loan application process. This lack of knowledge leads them to carry the debt forward even after their graduation. And it is a common belief that they may have to spend at least 20 years of their young adult life in repaying the debt.

Finally, the wage gap between the genders is the last straw. A woman needs to be twice as qualified as a male colleague to take home the same paycheck. This further drives women to pursue their education and this, in turn, lands them in greater debt. And is the nature of women, till they repay the loan they do not want the additional burden of a family and motherhood.

While to change the trend will take time, for those women who want to supplement their income and move on in life, trading bots can give some hope. While all of them are not trustworthy, some like the Bitcoin loophole are promising. But be prudent and check the source before you part with your money.

Published in Blogging by Georgia Taylor.