The Supreme Court's impending decision on the constitutionality of President Biden's student loan forgiveness plan has put millions of borrowers on edge, perhaps none more so than women. With women holding nearly two-thirds of the country's student loan debt, amounting to $929 billion out of the $1.54 trillion total, the impact of this ruling will disproportionately affect them.
Women, despite constituting more than half of the college-educated labor force, encounter obstacles in paying off their loans due to various factors. The persistent gender wage gap plays a significant role, with women earning an average of 82% of what men earn.
Black women face an even greater disparity, earning about 63 cents for every dollar earned by non-Hispanic white men. Consequently, women are compelled to pursue advanced degrees to bridge the pay gap and strive for the same opportunities as their male counterparts.
The lack of generational wealth further exacerbates the challenges faced by women borrowers. For those from low-income backgrounds, the financial burden goes beyond tuition fees to encompass additional expenses such as books, supplies, and transportation. These costs make it even more difficult for women to meet their loan obligations. The absence of familial support hampers their ability to manage their debt effectively.
Student loan debt often becomes a lifelong burden for many borrowers, particularly women. The economic harm inflicted by debt becomes more pronounced between the ages of 35 and 50, precisely when individuals start contemplating retirement or supporting their children's college education.
This financial strain takes an emotional toll on women's lives as they juggle responsibilities as caregivers, mothers, and providers. Balancing work and familial obligations places a disproportionate burden on women borrowers.
Given the cycle of debt that many women, particularly Black women, find themselves trapped in, the need for student loan cancellation becomes increasingly apparent. Research shows that even after ten years of repayment, many students, especially Black women, owe more than their initial loan amounts. This unrelenting cycle of debt leaves borrowers feeling trapped and devoid of any relief.
A favorable decision on loan forgiveness would alleviate their financial burden and provide much-needed relief, empowering women to pursue their careers and secure their economic futures.