Yesterday was International Women’s day! In the spirit of celebrating all of the strong women in all of our lives, we want to highlight one inequity that gets little attention. Did you know that women are disproportionately affected by student loan debt compared to men?
According to the American Association of University Women, “Women hold nearly two-thirds of the outstanding student debt in the United States — almost $929 billion as of early-2019.” Female students make up roughly 56% of the college population, yet they hold nearly two-thirds of the outstanding student loan debt. The AAUW report states that “women take on larger student loans than do men. And because of the gender pay gap, they have less disposable income after graduation”. Larger loans and lower wages is unacceptable and is not sustainable for the majority of americans, something has to change.
Despite the pressures of crushing debt, the outlook is not all gloomy. The 6-year graduation rate for women is at 63%, higher than their male counterparts, meaning there are more educated women in the US today than there ever have been. In fact, according to a Pew Research study, it was “found that women 25 and older now make up 50.2 percent of the college-educated workforce — up about 11 percent since 2000.” It is encouraging that there are more educated women in the workplace, but more work needs to be done on reaching gender parody in leadership roles, where strides towards closing the wage gap can be made.
What we are seeing at Goodly is that some of the most innovative companies are leaning into ways to help their workers get out of debt. We see that through secondary contributions from the employers, borrowers can get out of debt 30% faster.
Strong women throughout history have taught us all what it takes to be agents of change. Women have stood up not only for their rights but for the right of everyone. Everyone here at Goodly is honored to celebrate all of the strong women in our lives. Cheers to all of the amazing change agents out there, we support you!
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