If you have student loan debt, it’s likely to have caused stress at some point, or maybe constantly, in your life. But a recent Fusion 2016 Issues Poll has revealed that college-educated women are experiencing stress over their student loans at a higher rate than men.
According to the poll, 67% of women who have student loans reported feeling stress, compared to 52% of their male counterparts. Of those aged 18 to 35, 32% of women report stress over student loans vs. 17% of men – a rate that is nearly double.
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The poll also found that women are more likely to take out student loans in the first place (47%) compared to men (33%). Of those who have taken out loans, 37% of women are more likely to still owe money on them, compared to 23% of men. It’s no secret that stress can affect your health and well-being negatively. Each graduating class has more debt than the last; one can only imagine the snowball effect that this stress will have on our generation’s health in the long-term.
Stress isn’t the only way student loans have affected women and men — a great shift has taken place in the lifestyles of those burdened by student loans. Many people who were surveyed reported that they’ve put off buying a car or house, having children, or getting married because of their student loans. 31% of those with student loan debt have taken a job they didn’t want out of necessity. And was going to school and taking out loans worth it? Overall, 31% say no. Of those making $50,000 or less, 37% say it wasn’t worth it.
Some of the poll results are fairly predictable — borrowers with higher loan balances, $20,000 and above for this study, are far more likely to experience stress. You can read more about the poll and how the results were gathered here.
If student loans are causing you stress, see if one of our 5 refinancing strategies would be right for you.