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Closing the Gender Gap in Student Loan Debt: Tips and Systemic Solutions

As college tuition fees continue to rise, student loans have become inevitable for most students in the United States. In fact, according to the Institute for Womens Policy Research (IWPR), women have been taking on a significant amount of student loan debt $929 billion as of 2021.

This is significantly higher than the $798 billion currently held by men. This gender gap concerning student loan debt has been a growing concern over the past few years, and this article will offer insights into some reasons why this is happening and offer some tips to help women save money and manage their loan debt.

Reasons for the Gender Gap in Student Loan Debt

One significant reason why there is a gender gap in student loan debt is that women face more financial hurdles when it comes to financing their education. Women face more challenges in college than men do.

Firstly, women are more likely to hold an on-campus job or work part-time so that they can afford college costs. Secondly, women shoulder significant child care responsibilities, which most times impact their ability to commit more time to a job or school.

Finally, research shows that women take longer to graduate college, which leads to accumulating a higher amount of debt in student loans. Lack of financial planning and research is another reason why there is a gender gap in student loan debt.

Many women do not have a financial grasp or understanding when it comes to college choices. According to a study carried out by researchers at the University of Kansas, students without adequate financial knowledge are more likely to borrow more than they need for college.

Furthermore, many women lack research skills to find ways they can fund their education, such as federal and private student loans, scholarships, and grants. Ultimately, this can lead to increased debt levels.

Tips for Women before and During Student Loan Debt

The following are some tips for women seeking to save money or manage their student loan debt.

Ways to Save on College Costs

Testing out: Advanced Placement (AP), the College Level Examination Program (CLEP), and DANTES Subject Standardized Tests (DSST) all offer ways for students to earn credits or test out of certain courses. This can save time and money in the long run.

Community College: While you might be tempted to attend an expensive four-year college immediately, taking your prerequisites at a community college could save you thousands of dollars. Pay out of pocket: Consider working part-time to save money for college costs.

Scholarships and Grants: Apply for scholarships and grants offered by companies, organizations, and institutions. There are thousands to choose from that can make your education more affordable.

Effective Management of Student Loan Debt

Employer Help: Some companies offer tuition reimbursement programs that can be a lifesaver for students. These programs pay for a portion of your tuition fees, so you have to take fewer loans.

Some organizations also offer student loan debt repayment programs as a benefit. CARES Act: The CARES Act, passed in March 2020, provided relief to student loan borrowers.

This relief includes interest and payment suspension for federal student loans until September 30, 2021. Repayment Plans: Consider repayment plans that are based on your income, such as Income-Based Repayment (IBR), Pay As You Earn (PAYE), and Revised Pay As You Earn (REPAYE).

These plans allow you to make monthly payments based on what you can afford. Loan Forgiveness: Loan forgiveness programs are available for those with student loan debt.

Some examples include Public Service Loan Forgiveness (PSLF) and Teacher Loan Forgiveness. You can try to fit into the eligibility criteria for one of these programs.

Extra Payments: Try to put in extra payments towards your student loan debt whenever you can. Refinancing: Consider refinancing your student loan debt, especially if you have high-interest rates.

This could potentially save you lots of money in interest. Discipline: Create a budget, live within your means, and avoid overspending on things you cannot afford.

Final Words

It is unfortunate that women face a higher student loan debt burden than men. However, there are ways to manage this debt effectively.

By adopting some of the tips mentioned above, women can find ways to save on college costs, manage their loan debt and ultimately improve their financial well-being. It is essential to address the root causes of the gender gap in student loan debt so we can take steps to reduce it and ultimately close it entirely.

This article will highlight some larger systemic issues that contribute to the gap and offer some tips on how we can empower women to be more financially independent.

Larger Systemic Issues

One of the primary factors that contribute to the gender gap in student loan debt is the gender pay gap. Women earn, on average, $0.82 for every dollar earned by men.

This pay disparity translates to reduced financial resources, making it harder for women to afford college. Consequently, women are more likely to depend on loans to pay for their education, leading to higher levels of student loan debt.

Another larger systemic issue is the high costs of college education. Today, the average cost of a four-year degree is $56,000, which is unaffordable for many students.

Because women’s salaries are, on average, lower than men’s, they are more likely to struggle with college costs. This can leave women with little choice but to take on loans, leading to increased levels of student loan debt.

Accessibility is another significant issue that contributes to the gender gap in student loan debt. Women face higher barriers to accessing resources such as financial aid and scholarships due to their gender.

Factors such as biases and stereotypes may hinder women from accessing funds designated for marginalized groups. Finally, financial stress can also contribute to the gender gap in student loan debt.

Women’s financial stress can be more prolonged and severe than men’s due to their additional responsibilities such as child-rearing, parenting, and managing Elderly parents. These responsibilities can make women feel they have very little control over their finances, leading to increased stress and anxiety.

Financial Empowerment for Women

One way to address the gender gap in student loan debt is, first of all, to increase financial equality. Steps can be taken to close the gender pay gap, providing women with equal earning opportunities to men.

This will increase women’s financial resources, making it easier for them to pay for college without having to rely on loans. Another crucial factor is financial literacy.

Educating women about financial matters gives them the tools they need to make sound financial decisions and manage money effectively. Financial literacy programs should be introduced for girls at a young age to help them develop strong financial habits.

Finally, creating a culture of financial empowerment can make a significant impact in closing the gender gap. Women should be encouraged to take control over their finances, which includes budgeting, saving, investing, and leveraging financial resources.

Women should also be encouraged to seek advice from financial professionals to gain a better understanding of their financial options.


The gender gap in student loan debt is a growing concern. However, by addressing larger systemic issues such as the gender pay gap, high cost of college education, and accessibility, we can mitigate the factors that contribute to the gap.

In addition, empowering women to be more financially independent through education and providing them with the tools and resources to manage their finances, will lead to a brighter financial future for women. Eventually, this will help to both reduce and, ultimately, close the gender gap in student loan debt.

In summary, the gender gap in student loan debt is a pressing issue that requires our attention. Financial hurdles faced by women, a lack of financial planning and research, systemic issues, and financial stress are all contributing factors to the gender gap.

However, we can mitigate these factors by increasing financial literacy, empowering women, and closing the pay gap. Women can take advantage of ways to save on college costs, effective management of student loan debt, as well as, strive for financial equality and opportunities for financial empowerment.

By putting measures in place to reduce the gender gap, we will ensure that women can access equal education opportunities, leading to richer, more fulfilling lives.

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