In 2024, American women had a lot of student debt because they earn less than men, but they can manage it by budgeting, using income-based repayment plans, loan forgiveness programs, and refinancing.
Strategies for Women to Manage Student Debt in 2024 – Budgeting, Repayment Plans, and Loan Forgiveness
According to the published article by Go Banking Rates, In 2024, American women faced a big problem with student debt, holding almost two-thirds of the country’s $1.54 trillion in student loans, which is $929 billion. Dominion president Ethan Keller pointed out that women graduating with a bachelor’s degree owe about $2,700 more than men. This is mainly because women earn less than men, which makes it harder for them to pay back their loans quickly. Women also often take breaks from work to care for family, which adds to their financial struggles.
A GO Banking Rates survey showed that women have different levels of student debt. While 14% owe less than $10,000, 63% reported having no student debt at all. For those with large debts, experts suggest making a strict budget to prioritize loan payments, using income-based repayment plans, and looking into loan forgiveness programs, especially for those working in public service jobs. Refinancing loans to get lower interest rates and using extra money like tax refunds to pay down debt faster are also good strategies.
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1.54 Trillion in Student Debt: $929 Billion of It Belongs to Women – A Guide to Tackling the Crisis! (PHOTO: USA Today)
Closing the Gender Pay Gap and Career Growth – Key Steps to Reducing Student Debt for Women
Furthermore, to solve the student debt problem for women, both personal financial strategies and bigger changes in the workplace are needed. Closing the gender pay gap and ensuring fair chances for career growth are crucial. By following these steps and pushing for broader changes, women can reduce their financial burdens and work towards a more secure future.
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