A new report from the American Association of University Women finds that women hold nearly two thirds of all student loan debt in the United States, which now stands at a whopping $1.3 trillion.
The report found that, on average, women who graduated from a four-year college or university in 2012 had accumulated $20,907 in student loan debt. This was up from $14,959, in 2004 in dollars adjusted for inflation. In contrast, men who graduated from a four-year college in 2012 had accumulated $19,454 in student loan debt.
The gender gap in student loan debt is even greater for those who graduated from community colleges. In 2012, women with an associate’s degree had an average of $9,338 in student loan debt. For men, the figure was $7,461.
The report also found that 34 percent of women who were repaying their student loans had financial difficulties in supplying their basic needs. For men, only 24 percent stated that their loan repayments put them in financial difficulty. One reason for the difference is the gender gap in pay. Women are paid less than men, on average, and therefore they have less money to repay their loans and provide for their basic expenses.