Photo credits: Dreamstime.com
A new report based on a professional research study conducted by the American Association of University Women has exposed an eye-opening statistic about student loan debt in America.
The American Association of University Women’s report is titled Deeper in Debt: Women and Student Loans. So far, the total amount of American student loan debt stands at approximately $1.2 trillion dollars, according to the Economist Magazine. Women in America hold the lion’s share of the nation’s overall debt total. Their collective student loan debt total stands at $890 billion dollars.
That is roughly two-thirds of the nation’s enormous overall student loan debt total. Kim Churches, CEO of the American Association of University Women, stated that the national rancor about America’s student loan crisis needs to begin with who is the most adversely affected by it.
“Even when you compare apples to apples, women are taking on more debt individually,” Churches said, according to a report by CNBC. However, when it comes to black women, the student loan debt crisis numbers gets even more bleak. This also needs to be spoken about, including the race-based societal barriers that make “shattering the so-called glass ceiling” even harder for black women.
“Black women, in particular, are taking on a disproportionate amount of debt, racking up around $25,000 in student loans to receive their bachelor’s degree, the [American Association of University Women’s] study found,” wrote Annie Nova, a finance reporter for CNBC. The study also showed that in the 2015-16 academic year, black female graduates led all women in individual student loan debt totals.
Like they always are (and rightfully so), for-profit higher education institutions were blamed by the study’s authors for exploiting vulnerable people, which has contributed thoroughly to America’s student debt crisis.
“Though they enroll a relatively small portion of American college students, for-profit institutions disproportionately enroll women, people of color, low-income students, and members and former members of the U.S. military. For-profit institutions use advertising and high-pressure recruitment tactics to woo students and their student aid and loan money,” the study report reads.
“But debt outcomes for students at these institutions are particularly dismal,” the study authors also wrote.