Hello! Are you new here? We’re glad you found our gay little corner of the internet. Here at Debt Free Guys, we’re all about helping queer people live a life they truly love inside and out. We believe that happiness is a 360 degree experience (purpose, love, money, well-being and lifestyle) that you too deserve. After reading our article below, Find out here how we can help you.
LGBTQ Student Loan Debt
The $1.4 trillion The outstanding student loans have frightened students and worried officials. Unfortunately, the LGBTQ student loan debt crisis is more severe. Get your free copy as an additional resource for overcoming the LGBTQ student loan debt crisis 5 building blocks for a happy gay life Here.
LGBTQ Student Loan Debt Study by Student Loan Hero
Miranda Marquit and her colleagues at Student Loan Hero and Eksperten Lån were curious about the LGBTQ student loan debt crisis, so they conducted a comprehensive study and shared it with us Queer Money®.
Learn more about the LGBTQ student loan debt crisis and what you can do about it:
Miranda Marquit, Student Loan Hero and the LGBTQ Student Loan Debt Crisis
Miranda is a longtime freelance financial journalist and senior writer for Student Loan Hero. Her work can be found on several financial websites including US News, Yahoo!Finance And Huffington Post. Miranda blogs at Planting Money Seeds and is the author of Confessions of a professional blogger.
Today, Miranda shares some key points from Student Loan Hero’s LGBTQ study about the LGBTQ student loan debt crisis, including why the queer community has more student loan debt—and regrets—than the general population. She comments on recent policy setbacks for the LGBTQ population and explains how the data collected in the current study could be used to make structural changes to the FAFSA requirements.
Covered topics related to the LGBTQ student loan debt crisis
The impetus for Student Loan Hero’s LGBTQ survey
- Learn how the student loan crisis is impacting the queer community
- Also study gender and race
Key findings from the Student Loan Hero study
- 60% regret taking on debt compared to 40% of the general population
- Average debt of $112,000 versus $96,000 for the general population
- 28% think student loan debt is “unmanageable”
Why the LGBTQ community regrets taking on student loan debt
- If you don’t work in the field of study, you will end up in the service industry
- Roles in activism and social work earn less
Why the LGBTQ community has more debt than the general population
- Lack of family and institutional support
- Take on student loan debt as an alternative to homelessness
- Parental information on FAFSA may result in exclusion from subsidized loans and grants
- Some parents refuse to provide information on the FAFSA
The shocking statistics on homelessness in the queer community
- 40% of homeless youth identify as LGBTQ
- 33% say they have been evicted from their homes
- People are 120% more likely to be homeless than their peers
Miranda’s take on the benefits of the Student Loan Hero study
- Draw attention to the problem
- Initiate structural changes (e.g. FAFSA requirements)
The political setbacks for the LGBTQ community in recent years
- Transgender restroom laws
- Lack of legal protections in the workplace
- 32% refused services based on sexual orientation or gender identity
The importance of educating the LGBTQ community about finances
- A different approach and additional encouragement may be needed
Possible solutions to the queer community’s student loan debt crisis
- Raise awareness and expectations
- Promote financial literacy (e.g. practical mathematics)
The Overlap Between Credit Card and Student Loan Debt
- 79% have both student loans and credit card debt
- Similar numbers in the general population
- Less mortgage debt among LGBTQ respondents
Contact Miranda Marquit
Resources for the LGBTQ Student Loan Debt Crisis
