Why Women Carry More Student Loan Debt Than Men

Key Takeaways

• Women hold a larger share of total student loan debt in the United States
• Higher enrollment and degree attainment contribute to increased borrowing
• Wage differences can make repayment more challenging
• Strategic planning can help reduce student loan debt over time

College students in America are taking on more student loan debt than ever before. In fact, the American Association of University Women (AAUW) finds that “about 44 million borrowers in the United States hold roughly $1.46 trillion in student loan debt nationally.” Of that total, women account for about $929 billion—which is nearly two-thirds of all outstanding student loan debt in the country.

Of course, there are a number of reasons that may explain the disparity between female and male student loan debt. Women make up just over half of students enrolled in higher education, yet they disproportionately take on larger loan balances, both because they borrow more on average and because they often face longer repayment timelines due to the gender pay gap and caregiving responsibilities. Understanding these factors can help women plan more strategically for paying for college and managing student loan debt.

More Women Attend College Than Men, Making Student Loan Debt Higher

In recent decades, women’s enrollment in college has increased significantly. Today, women earn about 57% of all bachelor’s degrees from American colleges and universities, up from less than half in 1976. Over the same period, the average cost of attendance at an American college/university has increased by nearly 150%. As more women sought out college degrees, the price of the credentials has increasingly substantially.

Women are also earning a growing share of advanced degrees. While women between the ages of 18 and 24 helped drive a trend of women outpacing men in higher education, more recent national data shows that women now earn about 60–65% of master’s degrees and more than half of doctoral degrees. These figures reinforce that women are not only earning more undergraduate degrees than men, but are also increasingly pursuing graduate education.

Why is this the case? A possible explanation has to do with the broader shift of women into the workforce. Sixty years ago, American women were often expected to prioritize caregiving and family roles, and many were not encouraged to seek paid work outside the home, let alone build long‑term careers. Since then, social norms and economic realities have changed, and today’s women are far more likely to pursue higher education as a pathway to financial independence and career advancement. This combination of rising enrollment and higher costs helps explain why women collectively carry a larger share of the nation’s student loan debt.

Women Take Out Larger Loans Than Men

According to a 2016 CNBC article, the average woman left undergraduate education owing about $21,619 in student loans, compared with $18,880 for men. This pattern aligns with findings from the American Association of University Women (AAUW) in its 2015–2016 study on student loan debt, which reported that female borrowers took on roughly 14% more student loan debt than male borrowers, on average. This gap includes both undergraduate and graduate degrees, such as master’s and doctoral programs.

But why are women taking on more college debt burden than their male counterparts? One study, appears to be differences in family savings. A 2017 study cited by MarketWatch found that 50% of parents with only sons reported having money saved for college, compared with 39% of parents with only daughters. With fewer family savings available, female students are often left with a larger funding gap, which they must cover by relying more heavily on student loans.

Women are also more likely than men to balance school with other responsibilities, such as employment and caregiving for children or family members. As a result, some women take longer to complete their degree programs, which can extend enrollment periods and increase the total amount of student loan debt they accumulate by the time they graduate.

Women Earn Less Than Men Do

Last, but certainly not least, is the gender wage gap that exists in the United States. Not only are women graduating, on average, with more student loan debt than men—but they’re then entering into jobs where they earn less.

One Business Insider article, for instance, reports that “women earn 27% less than their male peers in the workforce”, which means it takes them longer to pay off their student loans. This falls in line with the AAUW’s statement that the average male is able to pay about 13% of his student debt each year, compared to just 10% for the average woman.

Why Do Women Have More Student Loan Debt Than Men?

Women tend to pursue higher education at higher rates and often take on larger loan amounts to cover costs. At the same time, wage differences can make repayment take longer, contributing to higher overall debt balances.

How to Borrow Wisely as a Female Student

As you can see, women hold the majority of student debt for a number of converging factors. The good news is that if you’re a female college student (or will be in the near future), there are proactive steps you can take to minimize your student loan debt. Students can compare federal and private loan options, evaluate interest rates, and consider repayment strategies early to minimize long-term borrowing costs.

Do Your Research

One reason for the wage gap is that women tend to choose college majors that lead to lower-paying jobs. This isn’t to say that you should base your major only on earning potential. However, if your dream job is not a lucrative one, you may have more difficulty paying off your student loans. Look into programs that may be less expensive, such as state schools, and apply to scholarship programs for your chosen major. On the flipside, if your chosen major is likely to lead to a higher income, it may be worth the extra investment.

One of the best things you can do is to explore your borrowing options in-depth to make sure you’re taking out loans that suit your needs.

Completing your degree program in a timely manner can also help you cut down on debt. The longer you’re in school, the longer you’re likely to be taking out loans and accruing interest. Meet with an academic advisor regularly to make sure you’re on track to graduate on time.

Meanwhile, you can reduce the amount you need to borrow by taking on a part-time job, applying to a paid internship, or even selling unwanted items online. Bringing in additional income can help you pay your way through school while borrowing less.

If you haven’t already, be sure to apply for grants and scholarships on a regular basis. That’s money towards your education that you’ll never have to pay back, and there are plenty of opportunities out there. In fact, there are even some grants, scholarships, and fellowships that are specifically for female students.

Once you graduate, don’t be afraid to look into refinancing as a means of cutting down on your payments and saving money on interest.

The Bottom Line on Female Student Debt

By researching and planning, you may be able to reduce your total student loan balance by the time you graduate. Simply being a woman doesn’t mean you have to take on more debt than your male peers. Strategic planning can help minimize your debt. From there, you can enter your degree program with confidence and take on each academic year head-on.

Looking for Ways to Better Manage Your Student Loan Debt?

Compare refinancing options through LendKey’s network of community banks and credit unions to potentially lower your rate and simplify repayment.