If one of your New Year's resolutions is to get your finances in order, consider this: A new UK survey shows that female graduates face 16 years of student debt, compared to the 11 years men face, reports The Guardian. Part of the problem is that women don't get paid as much — often as much as 20% less — and, some say, they're also more likely to take time off to have children. Higher education minister David Willetts says: "This shows that women get a raw deal in the labour market. Women's earnings are more intermittent and still lower than men's. This year interest rates on loans doubled from 2.4% to 4.8% and this shows that those debts hit women the most."
Argues Kat Stark, women's officer at the National Union of Students: "Women are taking longer than men to pay off their student loans because they are paid less, not because they are taking time off to have children. Within three years of graduating, over 40% of men are earning over £25,000, compared to just over a quarter of women." In addition, aren't young women entering the workforce expected to spend more money on work-appropriate clothes and grooming than young men? Don't we get set up for post-collegiate debt early on? And are you done paying your school loans? Yeah, neither are we.
Women Take Longer To Repay Student Loans [Guardian]