According to a Glance report, released by the Organization for Economic Cooperation and Development, America rivals every country except Luxembourg in terms of how much it spends on college. Soup to nuts, the U.S shells out about $30,000 per student a year, which is almost double the amount of the average developed country A sharp increase in financial aid, lack of student funding, and a scarcity of funds to pay faculty members that are in increasingly high demand, has concurrently made college tuition and student loan debt more expensive than they’ve ever been before.
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Currently, the United States owes $1.46 trillion dollars in student loan debt. As of 2019, women account for two-thirds of this staggering figure, with a collective $929 billion. A recent review published in the National Bureau of Economic Research occasioned several behavioral factors and developmental differences that explain why women vastly outnumber men in most Universities. “Boys often mature more slowly than girls. In grades K-12, boys tend to have a higher incidence of behavioral problems (or lower level of non-cognitive skills) than girls. Girls spend more time doing homework than boys,” the authors explained.
Women also take out more student loans than men do, though many have trouble paying them off after graduation due to the gender pay gap. The median wage disparity between men and women is frequently quoted as being in the neighborhood of 80 cents for every dollar (it’s actually closer too 77 cents). This figure is often further controlled by other factors, however. For instance, African-American women earn about 61 cents for every dollar earned by their counterparts, Native American women earn about 58 cents to every dollar, and Latina women typically earn around 53 cents for every dollar. This means on balance, women lack the disposable income to take care of their student loan debt. As the new report published by The American Association Of University observed, not only does the pay discrepancy impact graduates right out of the gate, the gap widens as professionals progress.
“Women college graduates working full-time are paid 18% less than their male peers one year after graduation. By four years after graduation, that gap widens to 20%. Overall, women with bachelor’s degrees working full-time make 26% less than their male peers. Lower pay means less income to devote to debt repayment. ”
Thirty-four percent of all women and 57% of African American women said that they were unable to afford essential expenses like rent or their mortgage, in 2018 because they were paying off their student loan debt.
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