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LGBTQ Student Loan Debt and Its Hangover

  April 3, 2018  |    #Eliminate Debt

LGBTQ student loan debt

There’s a student loan debt crisis in our country. In fact, the $1.4 TRILLION in outstanding student loans has officials worried about significant economic consequences. Sadly, the LGBTQ student loan debt crisis is more severe.

LGBTQ student loan debt study by Student Loan Hero

Miranda Marquit and her colleagues at Student Loan Hero were curious about the LGBTQ student loan debt crisis, so they conducted an exhaustive study and shared it with us on Queer Money™.

Hear more about the LGBTQ student loan debt crisis and what to do about it:

Miranda Marquit, Student Loan Hero and the LGBTQ student loan debt crisis

Miranda is a long-time freelance journalist in the financial space and senior writer for Student Loan Hero. Her work can be found on several finance 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 several must-know points from the Student Loan Hero LGBTQ study about the LGBTQ student loan debt crisis, including why the queer community has more student loan debt — and regret than the general population. She offers her take on the recent political setbacks for the LGBTQ population and how data collected in the recent study might be used to make structural changes to the FAFSA requirements.

If you are struggling with student loan debt, check out 3 Super Effective Ways to Lower Your Student Loan Payments

Topics covered about the LGBTQ student loan debt crisis

The impetus for Student Loan Hero’s LGBTQ survey

  • Learn how student loan crisis affects queer community
  • Studying gender and race as well

The key takeaways from the Student Loan Hero study

  • 60% regrets taking on debt vs. 40% of the general population
  • Average of $112K in debt vs. $96K for the general population
  • 28% consider student loan debt ‘unmanageable’

Why the LGBTQ community regrets taking on student loan debt

  • Not working in degree area, end up in the service industry
  • Roles in activism, social work earn less

Why the LGBTQ community has more debt than the general population

  • Lack of familial, institutional support
  • Take on student loan debt as an alternative to homelessness
  • Parent info on FAFSA may disqualify for subsidized loans, grants
  • Some parents refuse to provide info for FAFSA

The staggering statistics around homelessness in the queer community

  • 40% of homeless youth identify as LGBTQ
  • 33% report being kicked out of homes
  • 120% more likely to be homeless than peers

Miranda’s take on the benefits of the Student Loan Hero study

  • Bring awareness to issue
  • Initiate structural changes (i.e.: FAFSA requirements)

The political setbacks for the LGBTQ community in the last few years

  • Transgender bathroom laws
  • Lack of legal protections at work
  • 32% denied services due to sexual orientation, gender identity

The significance of educating the LGBTQ community around finance

  • May need different approach, extra encouragement

Potential solutions to the queer community’s student loan debt crisis

  • Raise awareness, expectations
  • Promote financial literacy (e.g.: practical math)

The overlap between credit card and student loan debt

  • 79% have both student loan, credit card debt
  • Similar numbers in general population
  • Less mortgage debt among LGBTQ respondents

Connect with Miranda Marquit

Resources for the LGBTQ student loan debt crisis