Here’s What You Need to Know About Student Loan Debt in the LGBTQ Community
On our series Queer Money, we recently hosted Student Loan Hero’s Miranda Marquit, who shared shocking statistics about student loans, student loan debt and the queer community.
First, hear the statistics and what we can do about them on this episode of Queer Money:
LGBTQ people average $112,607 in student loan debt. That’s $16,000 more than the general population.
There are a few reasons for this disparity, but one unique to the queer community is that fewer of us have familial support than our straight peers.
Only 39% of respondents of Student Loan Hero’s study reported feeling “entirely accepted” by their families. Another 33% claim to have been “kicked out of their homes because of their sexual orientation or gender identity.” For many, assuming student loans equals freedom.
60% of LGBTQ borrowers regret having student loans.
Many LGBTQ borrowers — 60% — regret taking out student loans, compared to 45% of borrowers in the general population.
Most students buy into the dream of earning large salaries upon graduation. Thus, they risk for the near-term hoping for a decent income and to pay off their loans in the long-term. Unfortunately, 53% of LGBTQ respondents report earning less than $50,000 annually after graduation, making it harder to pay off six figures’ worth of debt.
28% of LGBTQ borrowers feel they can’t manage their student loans.
Twenty-eight percent of queer people, the same percentage as women, think their student loans are unmanageable, while 13% of straight men feel the same. Conversely, 26% of LGBTQ student loan borrowers think their loans are “very manageable.”
While the number of problems with student loans seems numerous, there are solutions to attain control of student loan debt.
There is no simple solution to this problem. But the most important thing to do is talk about this problem rather than denying it exists.