A recent article in the Boston Globe highlights just how much of the nation’s staggering student loan debt is held by women. The article notes that $1.3 billion in student loans is outstanding, though since the time the article was written that amount has increased to $1.5 billion and continues to rise, of that overall debt some two thirds is held exclusively by women though they comprise just 57 percent of enrolled students at colleges and universities. Upon graduation, they enter a workforce where women will earn on average 80 percent of what a man would make in the same job.
Falling Into the Gap
While missing out on $.20 per dollar might not seem like a tremendous amount, over the course of a lifetime it can amount to a significant sum of money. For instance, in job X where John Doe makes $100,000 a year, Jane will make only $80,000 per year. In one decade – assuming there are no pay raises – Jane will make $200,000 less than John. The pay gap is also worse for women of color, and much worse for mothers.
The pay gap can also heavily impact the ability of a woman to pay back her student loan debt, especially if she is a single mother and has the additional expenses of childcare, and supporting her children. Women are encouraged to advance their careers by completing bachelor’s degrees, and even masters degrees. Degrees are essential to advancing the workforce, and provide your family with quality food, safe housing, healthcare, and all the advantages that a higher number on your paycheck can purchase. Yet, this comes at a cost of accruing tens of thousands – or even hundreds of thousands – of dollars in student loans to attend private or public universities in pursuit of a better life.
Worse, working mothers and low income others seeking to improve their finances and job prospects by obtaining these degrees are often the most vulnerable to fraudulent schools and exploitative loans. Schools such as ITT Tech, Westech, Corinthian and associated colleges, Miami Jacobs Career College, and others have left students hanging, unable to complete their degrees. Some schools even steered students into high interest loan packages that exploited their desire to attend college in order to better their lives and the lives of their family.
On Your Feet
If you are woman who feels that your student loans are out of control and impacting your ability to provide for yourself and your family, contact us for a free initial consultation on getting your loans and life back under control. We offer free initial consultations at both of our offices, either in West Palm Beach or Fort Lauderdale. We are open seven days a week in order to accommodate your schedule. Contact us and let us help you get your student loans in order, or work with you on a borrower defense to repayment. We have lots of different options to offer, depending on your individual case. Call us today.