Americans collectively hold almost 1.5 trillion in student loans. It is shocking to hear that roughly two-thirds of all student debt is held by women. It is also true that women are attending college at higher rates than their male peers. However, there are three main reasons why women tend to owe more. First, women are less likely to understand the complexities of their loan agreement. Second, families are more likely to save for their sons’ college education in comparison to their daughters’. Third, women earn less than their male counterparts. This may also contribute to women being financially less capable of saving for retirement, purchasing their first home and other crucial life decisions. Women tend to live longer than men and may be adversely affected by paying their student loans as they often experience work interruptions while raising their families.
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