The Most Burdened With Student Loans Are Women

larry3344

Well-Known Member
https://broadly.vice.com/en_us/arti...ng-women-the-most?utm_source=broadlytwitterus






WAGE GAP
Crushing Student Loan Debt Is Hurting Women the Most

by Gabby Bess
MAY 24 2017 7:50 PM

(LEFT) PHOTO BY B&J/(RIGHT) PHOTO BY JOVO JOVANOVIC VIA STOCKSY


Paying back tens of thousands of dollars in student loan debt is a universally horrific experience, but it's worse for women.

As the price going to college has become simply unattainable, taking out student loans has become the norm. You and everyone else you know are in debt, and it sucks; sixty-eight percent of all students, nearly seven in 10, graduate with student loan debt. According to a new report by the American Association of University Women (AAUW), women are faring the worst.

The AAUW review found that women have to take out more student loans than men to pursue a degree: "44 percent of women enrolled in undergraduate programs take out loans compared to 39 percent of men." And women also graduate with more debt. On average, a woman with a bachelors degree will have $1,500 more in debt than a man.

Read more: The Wage Gap Is Real, and It's Costing Women $500,000

When race is accounted for, black students overall graduate with more debt on average than white students—and black women face the highest burden. Black women have $10,117 more in student loan debt than white men and $8,841 more in debt than white women. Black women also carry more debt than black men. "The typical black woman who graduated with a bachelor's degree in 2011-12 did so with about $29,000 in student loans while black men averaged $25,000 in student loans," according to the report.

In 2011-2012, over a third of black women who graduated with a bachelor's degree had more than $40,000 in student loans compared to 16 percent of Hispanic women, 10 percent of white women, and eight percent of Asian women. Overall, Asian students graduate with the lowest debt, according to the report, with an average of $11,000 dollars in student loans.

Women don't just face higher amounts of student loan debt because women are attending college at a higher rate than men. According to the report, 64 percent of student loan debt is held by women, which is a figure disproportionate to their enrollment level.

The report attributes this to several factors. The majority of students work while enrolled in school, and the gender pay gap could mean that women students, particularly women of color, are earning less and have to take out more loans and are less likely to make payments toward their loans while they're in school. And students of color typically have less financial support: "The typical white family has 16 times the accrued wealth of the typical black family in the United States," according to the report.

Over a third of black women who graduated with a bachelor's degree had more than $40,000 in student loans compared to 16 percent of Hispanic women, 10 percent of white women, and 8 percent of Asian women.
The report also notes that nontraditional students—like students who have children—are largely women or people of color. These students face the additional financial cost of childcare. For them, student loan debt at graduation is, on average, $26,600 versus $19,100 for students without children.

After graduation, women remain in debt longer than men, too. "This means that in addition to taking on larger initial loans, women also pay more on their loans during repayment as interest accrues," the report notes.

Black women and Latina women lag the furthest behind: "Black women and Hispanic women paid off only about 12 percent and 18 percent of their debt in that three-year period, respectively, compared to 33 percent and 60 percent of white and Asian women."

Again, the report suggests, the gender pay gap is an obvious factor preventing women, particularly women of color, from accessing the money need it to pay off their educational debt. The study found that a four-year degree yielded a 75 percent pay increase for men, while it only boosted women's earnings by 66 percent. Fighting to close the wage gap would go a long way toward making the opportunity cost of a college degree equal—and fighting to reduce the cost of tuition, or eliminate it entirely, would do us all one better.
 

Daernyris

Well-Known Member
This is the reason why generational wealth is so important, it would help alleviate the need for debt just to achieve an education/higher standard of living. The increased salary is sometimes negated by the monthly payments of the loans.

Student loans are a beast and I'm speaking from first hand experience
 

larry3344

Well-Known Member
Ladies don't get mad. This is a just a discussion between ourselves but I saw this article on a black male forum and many of the male posters felt that BW took out loan unnecessarily for soft programs that did not provide higher pay down the road (Social sciences, liberal sciences, etc...) instead of technical degrees/hard sciences (engineering, etc...).

In your circle, do the BW you know properly plan for college/uni, do you think their post-secondary is well thought out? Also how many apply for scholarships/grants?
 
Last edited:

Miss617

Always left of center
@larry3344 I actually don't disagree with that, at least speaking from my own experience. I went to school for journalism and English - not exactly high-paying fields. However, I think the greater issue here is that girls aren't generally encouraged to study STEM and are steered more towards liberal arts, teaching, etc.

I went to a college prep school, but loans and financing higher education were not really discussed. I got a scholarship through my school and appealed for more money - a measly $2,000. A drop in the bucket because I went to a private university. I would also note here that because my high school was so prestigious, we weren't really encouraged to do something like go to a community college first and transfer to a four year college after that. It was pretty much frowned upon.

I didn't really think about my post-grad plans until the last year or so... and I graduated in 2012. I am planning to go to grad school, but I plan to keep loans to a minimum, if not avoid them altogether. I'd rather pay out of pocket and bust my hump researching scholarships than add to my current debt.

I have more thoughts but I'm at work so I may have to come back to this.
 

GeorginaSparks

Well-Known Member
Ladies don't get mad. This is a just a discussion between ourselves but I saw this article on a black male forum and many of the male posters felt that BW took out loan unnecessarily for soft programs that did not provide higher pay down the road (Social sciences, liberal sciences, etc...) instead of technical degrees/hard sciences (engineering, etc...).

In your circle, do the BW you know properly plan for college/uni, do you think their post-secondary is well thought out? Also how many apply for scholarships/grants?
and what types of degrees do those men have if any at all? do they provide advice to their female friends and family isnt of just discussing it between themselves? Just curious. Could you ask them please?
 

larry3344

Well-Known Member
@GeorginaSparks

I do think that anything we can use to have BW live better lives no matter the source or if it hurts our ego is necessary or we risk being our own hypeman. I think there may be some merit to what is said...aside from the insults and berating.

I have noticed an unusual amount of BW in Nursing/Psychology programs with no plans on pursuing a masters/work in academia racking up loans just to work a dead end job. Lack of large network and internship can render these degrees useless.

I heard of the black girl program for coding. It would ne nice to have a funds to help black women/girls offset their loans and direct them to technical degrees.
 
Last edited:

BillsBackerz67

Well-Known Member
@GeorginaSparks

I do think that anything we can use to have BW live better lives no matter the source or if it hurts our ego is necessary or we risk being our own hypeman. I think there may be some merit to what is said...aside from the insults and berating.

I have noticed an unusual amount of BW in Nursing/Psychology programs with no plans on pursuing a masters/work in academia racking up loans just to work a dead end job. Lack of large network and internship can render these degrees useless.

I heard of the black girl program for coding. It would ne nice to have a funsms to help blacl women/girls offset their loans and direct them to technical degrees.
Ummmm I'd have to respectfully disagree. Nursing does not lead to a dead end job nor is lack of networking and internships in the nursing field renders it useless. Who told you that? lol. IMO its the one of the best degrees you can get on the cheap for only a two year degree with room for advancement on your own time....Nursing is only useless if you cant pass the boards, you're incompetent and have no business taking care of patients, or let your license go inactive for X amount of time and try to get it reinstated.


The crappy pay/ dead end nursing job has allowed me to pay off almost all $85k of my loans in two years.... $65k of which was from my biology degree that is indeed useless. With just my BSN, I out earn some nurses who hold a masters degree that work in academia and/or entry level salaried General NP's . Master's prepared RN's that teach in academia (and even some PhD nurses who arent tenured) make about $60k and still have to work a few shifts at the bedside to make up for the lost income from not being at the bedside.

The students they teach will out earn them no sooner than they graduate and get their first bedside job. The flip side is that they don't have to work at the bedside, usually have better hours, and don't deal with some of the nonsense I do on a daily basis. But its your choice of what you can and cant tolerate which is why I chose this field. There's so much you can do with it, especially with entrepreneurial roles. Mane Choice CEO, and Mielle Organics CEO are both RN's.

I will always advocate and root for those that chose to go to CRNA, NP, Dentistry, Medical school and do the damn thing. ALWAYS! But if basic ass nursing with is all someone want's to do, I will tell them how to go about it the best way I can. It is not all back breaking and ass wiping.
 

larry3344

Well-Known Member
Ummmm I'd have to respectfully disagree. Nursing does not lead to a dead end job nor is lack of networking and internships in the nursing field renders it useless. Who told you that? lol. IMO its the one of the best degrees you can get on the cheap for only a two year degree with room for advancement on your own time....Nursing is only useless if you cant pass the boards, you're incompetent and have no business taking care of patients, or let your license go inactive for X amount of time and try to get it reinstated.


The crappy pay/ dead end nursing job has allowed me to pay off almost all $85k of my loans in two years.... $65k of which was from my biology degree that is indeed useless. With just my BSN, I out earn some nurses who hold a masters degree that work in academia and/or entry level salaried General NP's . Master's prepared RN's that teach in academia (and even some PhD nurses who arent tenured) make about $60k and still have to work a few shifts at the bedside to make up for the lost income from not being at the bedside.

The students they teach will out earn them no sooner than they graduate and get their first bedside job. The flip side is that they don't have to work at the bedside, usually have better hours, and don't deal with some of the nonsense I do on a daily basis. But its your choice of what you can and cant tolerate which is why I chose this field. There's so much you can do with it, especially with entrepreneurial roles. Mane Choice CEO, and Mielle Organics CEO are both RN's.

I will always advocate and root for those that chose to go to CRNA, NP, Dentistry, Medical school and do the damn thing. ALWAYS! But if basic ass nursing with is all someone want's to do, I will tell them how to go about it the best way I can. It is not all back breaking and ass wiping.
I meant to separate nursing from the dead end category. You are right it is a very useful degree. I just meant an overabundance of black women in nursing as opposed to other sciences.

And you made my point how can we encourage each other to mitigate the cost of pursuing education and hone in on specialized skills that sets us apart despite the discrimination that we receive in the workplace.
 

Femmefatal1981

Well-Known Member
I meant to separate nursing from the dead end category. You are right it is a very useful degree. I just meant an overabundance of black women in nursing as opposed to other sciences.

And you made my point how can we encourage each other to mitigate the cost of pursuing education and hone in on specialized skills that sets us apart despite the discrimination that we receive in the workplace.
but why is that a bad thing?
 

larry3344

Well-Known Member
@Femmefatal1981 can you explain?

I don't think it is a bad thing to go into nursing and become a RN. But it would be nice to see an equal ineterests in other science fields that BW may have not considered.

There is so much untapped fields out there in science/technology where we are severely underrepresented and if we are presented options how do we know that is our only calling.

I know so many who went to nursing just cause their mother was nurse, no passion of the field and they had no idea what else they can do with it.

I look at this way...we need valuable skills to set us apart...I dont think it is enough to push BW to go to school just for the sake of claiming they have a degree. And to add insult to injury rack up a crazy amount of debt just to end up severely underpaid which is limits our mobility or aspirations.

My question is how can we game the system and make it work for us instead of against us.

Highly spécialized Skills will be the wave of the future and deeper understanding of Tech/science will be mandatory. So how can we position the new generation to lessen their debt and steer them to jobs that can propel their income/career despite discrimination in the workplace and not feel tied to a job they hate because they got a noose around their neck aka Student loans not to mention living expenses.
 
Last edited:

BillsBackerz67

Well-Known Member
but why is that a bad thing?
right? i went to a STEM honors high school and hated it! I still side eye the hell out of my gram for making me go there. The only thing i wish i would have taken advantage of there was the electrical engineering program that they had. I did the biochemical tech program which was wack AF. I could have been a certified electrician 3 months after graduating working under Frey Electric's apprenticeship they had back in the day :rolleyes:. that def would have been my side hustle to this day
 

Femmefatal1981

Well-Known Member
@Femmefatal1981 can you explain?

I don't think it is a bad thing to go into nursing and become a RN. But it would be nice to see an equal ineterests in other science fields that BW may have not considered.

There is so much untapped fields out there in science/technology where we are severely underrepresented and if we are presented options how do we know that is our only calling.

I know so many who went to nursing just cause their mother was nurse, no passion of the fielf and had no idea wgat other options existed.

I look at this way...we need valuable skills to set us apart. Right?
I look it as it like this: work life balance is a high priority for many black women. What other science career give you that? That is why many women in general avoid those types of careers. We know they exist. We just have no desire to work those types of hours.
 

Femmefatal1981

Well-Known Member
right? i went to a STEM honors high school and hated it! I still side eye the hell out of my gram for making me go there. The only thing i wish i would have taken advantage of there was the electrical engineering program that they had. I did the biochemical tech program which was wack AF. I could have been a certified electrician 3 months after graduating working under Frey Electric's apprenticeship they had back in the day :rolleyes:. that def would have been my side hustle to this day
My oldest daughter is an artist. Yeah I could press STEM but I can already see that my baby is a creative who happens to love math, not a mathematician who happens to be creative. So while she will take all those advanced math classes because she is good at it when she tells me that she plans to major in Art History or English I'm not going to stop her. Degrees what you make of them and she will have the network she needs to be successful at whatever she does. And her first degree is on me...2nd one too if she gets scholarships.
 

BillsBackerz67

Well-Known Member
I look it as it like this: work life balance is a high priority for many black women. What other science career give you that? That is why many women in general avoid those types of careers. We know they exist. We just have no desire to work those types of hours.
Seriously i complain about working 3 days a week:lachen: But thats a big reason why I haven't gone into administration, management, or make it a huge priority to go back to school right away. I do not want to be at work M-F 9-5 with only 2 days off. Ive never worked a schedule like that in my life and i don't ever intend to. Can not compute. Give me my three 12's with 6 days off in between to do whatever the hell i want.
 

Femmefatal1981

Well-Known Member
@Femmefatal1981 As your daughter considered combining her creative side with a technical degree
She's in 4th grade, lol. But we are always down to nurture any and all talents she may have. She loves tech too her favorite thing right now is using computer programs to design things to be printed on her schools 3-d printer. So tech is likely in her future too but we we won't down whatever she decides to study as long as she has a plan.
 

Miss617

Always left of center
Exactly. My mom let me do whatever and as a result I wasted a lot of time, but she thought she was doing the right thing.

Same. My mom didn't go to college, so we kind of had to figure it out on our own. I don't want my son to go through what I'm going through, so I plan to help him explore all of his options and have started saving money for his tuition.
 

BillsBackerz67

Well-Known Member
Same. My mom didn't go to college, so we kind of had to figure it out on our own. I don't want my son to go through what I'm going through, so I plan to help him explore all of his options and have started saving money for his tuition.
Same. Which prob attributes to the ridiculous amount of loans women have taken out. I would assume that most of them were first gen college graduates. I know i was. My gram or mom didnt know a thing about tuition costs, loans, grants, scholarships, etc.
 

naijamerican

Well-Known Member
My oldest daughter is an artist. Yeah I could press STEM but I can already see that my baby is a creative who happens to love math, not a mathematician who happens to be creative. So while she will take all those advanced math classes because she is good at it when she tells me that she plans to major in Art History or English I'm not going to stop her. Degrees what you make of them and she will have the network she needs to be successful at whatever she does. And her first degree is on me...2nd one too if she gets scholarships.
I admire your approach and wanted to say that what you said about the first degree being covered by you is the same attitude my parents adopted. I do have loans from undergrad, but my parents felt that undergrad was on them, and grad was on me. I have a lot of graduate school loans and it stresses me out. It seriously compromises my quality of life. However, I will be applying for a loan repayment program that, if I were to get in, would cover about half of my loans because of my line of work. I've made some career moves that, by the grace of God, will make me a competitive applicant.

My experience with student loans has truly changed my thinking about the importance of generational wealth. I don't want my children to be saddled by such debt. And the sad thing is that I have friends whose debt is twice, thrice that of mine. I cannot. This society does not respect the pursuit of education but that's a story for another day. -_-
 
Top